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Thu, Jul. 10, 2:41 AM
- Commerzbank (CRZBF, CRZBY) is now expected to pay between a $600-$800M settlement for its money transfer operations which evaded U.S. sanctions, CNBC reports. The bank is accused of transferring money on behalf of companies in Iran and Sudan.
- It was previously reported that the bank would have to pay more than $500M.
- Over the past five years, American authorities have found more than half a dozen foreign banks guilty of sanctions violations.
- The U.S. is still probing UniCredit (UNCFF), Credit Agricole (CRARY), Societe Generale (SCGLF), and Deutsche Bank (DB).
Tue, Jul. 8, 3:36 AM
- U.S. authorities are starting to discuss settlement options with Commerzbank (CRZBF, CRZBY) and Deutsche Bank (DB) for their money transfer operations which evaded U.S. sanctions, Reuters reports. The banks are accused of transferring money on behalf of companies in Iran and Sudan.
- Commerzbank, is likely to settle with a deferred prosecution agreement that would suspend criminal charges in exchange for a financial penalty and other concessions. The NYT reports the bank could likely pay at least $500M, although the the timing of the deal is still unclear. The bank set aside $1.3B at the end of 2013 as a provision for litigation risks, including a possible U.S. investigation.
- The new litigation comes after last week's BNP Paribas settlement for $9B.
Tue, May. 20, 5:06 AM
- JP Morgan (JPM) and private-equity firm Lone Star are in the final stages of acquiring a portfolio of Spanish property loans from Germany's Commerzbank (CRZBF) for €3.7-3.9B (up to $5.4B), Reuters reports.
- The assets comprise €1B of non-performing debt and €3.3B of performing loans backed by office blocks and shopping centers.
- Should the deal go ahead, JPMorgan and Lone Star would be following other major foreign investors - particularly Blackstone - into a property sector that is apparently starting to recover from a massive bust that occurred during the financial crisis.
Tue, Apr. 29, 9:39 AM
- Capital shortfalls will need to be covered within six months for those lenders failing under the EBA's baseline stress test scenario, while banks failing under the adverse scenario will have nine months to fix things.
- ECB Vice-President Constancio: "Banks should start to consider what private sources of capital could be raised as a result of this exercise and plan accordingly."
- Earlier: The EBA unveils stress test criteria. 124 banks from 28 EU states are subject to the exams. Among the larger ones: DB, BNPQF, BNPQY, SCGLY, SAN, BBVA, UNCFF, UNCFY, IRE, NBG, CRZBY, CRARY.
- European financial sector ETF: EUFN
Tue, Mar. 18, 12:22 PM
- Blackstone (BX +1.8%) is teaming with Deutsche Bank (DB +1.6%), Lone Star Capital with JPMorgan (JPM +0.3%), and Apollo Global (APO -0.6%) with Banco Santander (SAN +1.3%) to win Commerzbank's (CRZBY +4%) so-called Project Octopus portfolio of Spanish real estate loans, with bids reportedly topping €3B (face value of loans is over €4B).
- Commerzbank is a forced seller as the bailed-out lender continues to move to get a grip on its capital levels (the German government is now a 17% owner).
Mon, Mar. 10, 3:44 PM
- German banks - including Deutsche (DB) and Commerzbank (CRZBF, CRZBY) - will not have to hand over details of mortgage loans as part of the ECB's asset quality review, reports the FT.
- The German housing market is its own bird, with borrowers often having higher down payments and locking in rates for at least 10 years. The home ownership rate is just 44% compared to Spain at 83%. Because of the lack of activity, German banks traditionally value their loans when the mortgage is taken out, as opposed to other banks who more frequently update their portfolios.
- New rules will force banks to revalue loans which haven't been independent assessed in over a year, essentially meaning a costly national revaluation in Germany. It is this the German bankers lobbied against and it appears they've successfully made their case.
- German real estate has gotten perky over the past few years, with the Bundesbank naturally sounding warnings, but private economists note the gains have been modest by true bubble standards.
Sep. 6, 2013, 11:53 AM
- Germany's banks are better capitalized and able to withstand shocks, says Moody's, lifting the outlook for the country's banking system to stable for the first time since the financial crisis. Both Deutsche Bank (DB +0.7%) and Commerzbank (CRZBY.PK +2.6%) - Germany's largest banks - have boosted capital this year, and the regional Landesbanken have consolidated and cut costs over the last few years.
- Also leading to the boost is Moody's expectation for GDP growth to speed up next year - 1 to 2 percent in 2014 vs. just 0.4% predicted this year.
- Moody's does warn about the downturn in the global shipping market as a potential threat - German lenders are historically big lenders to the sector (don't miss The Shipping Man).
Jul. 15, 2013, 7:00 AMWells Fargo (WFC) inks a deal to buy Commerzbank's (CRZBY.PK) U.K. commercial real estate portfolio, comprising about $6B in loans of institutional assets focused on London. About $2B of the loans are non-performing and will be acquired by Lone Star Funds, with Wells providing the financing. The purchase has been rumored for several months as Commerzbank looks to raise capital and Wells looks to pick up cheap assets. (PR) | Comment!
Jul. 14, 2013, 7:55 PMThe German government considered selling its 17% stake in Commerzbank (CRZBY.PK) — which the country bailed out during the crisis — to UBS, according to the German magazine Focus, which says finance minister Wolfgang Schaeuble spoke with the bank's chairman and former Bundesbank head Axel Weber about the deal. The German finance ministry neither confirmed nor denied the report. | Comment!
Jul. 3, 2013, 8:03 AM
Jun. 18, 2013, 6:53 AM
May. 14, 2013, 10:05 AMCommerzbank (CRZBY.PK) is in "intensive" talks to unload the bulk of its €5.7B portfolio of U.K property loans to Wells Fargo (WFC) and P-E fund Lone Star. The disclosure was made in the prospectus for its capital raise launched today. About a month ago it was reported the parties were in exclusive talks for the assets in what could be a sweet deal for the buyers. | Comment!
May. 14, 2013, 7:05 AMCommerzbank (CRZBY.PK) sets its capital raise, offering 556M shares at 4.5 euros each, a 55% discount to Monday's close. Excluding the value of subscription rights - set at 2.65 euros/share - it's inline with expectations for a 38% discount. With the money, the bank will repay Germany and Allianz, saving about 200M euros/year. Stock's off 1.8% in Frankfurt. | Comment!
May. 7, 2013, 5:54 AMCommerzbank AG (CRZBY.PK) reports a Q1 net loss of €94M, as Germany's second largest bank takes a €493M restructuring charge related to layoffs. The loss was narrower than analysts expected however and operating expenses fell 3.7% to €1.72B (beating estimates) while risky assets in the firm's bad bank also declined during the period. On the other hand, provisions for bad debt were up 26% and net interest income fell 20% to €1.36B. | Comment!
Apr. 18, 2013, 9:09 AMWells Fargo (WFC) and Lone Star are in exclusive talks to buy a $6.1B U.K property portfolio from Commerzbank's (CRZBY.PK) Eurohypo unit, reports Reuters, with a deal maybe being struck as soon as May. It may be a sweet deal for the buyers as Commerzbank is selling for what value investors like to call "non-economic" reasons. | Comment!
Mar. 13, 2013, 7:40 AM
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Commerzbank is Germany's third-largest private-sector bank with more than Euro444.9 billion in total assets as of Dec 31 2005. Co.'s domestic operations include a network of over 800 branches. Internationally, Co.'s activities are concentrated in Europe and other key markets, including the U.S.... More
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