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LATEST ARTICLES
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Record regional bank profits, plus strong capital ratios in Western Europe, have fuelled hope for more bank acquisitions in Central and Eastern Europe. The uncertain effect of recent court rulings on Swiss franc mortgages, however, is a big obstacle to deals in Poland.
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Commerzbank has forged longstanding relationships and established bilateral credit lines with clients in frontier markets that few other banks support. This allows those clients access to international markets and competitive FX pricing that they would otherwise struggle to access.
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For one of the most considerate men in capital markets, nothing was ever too much trouble.
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After its DAX return, Commerzbank now has a clear – if uncertain – path to achieving its profit target, according to CFO Bettina Orlopp.
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The European Central Bank has made it clear that it would look favourably on big bank mergers to create stronger pan-eurozone lenders. But M&A between large lenders in different eurozone states is still stalling through financial and political fragmentation – despite hopes for a closer union after Brexit and the war in Ukraine.
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The former Commerzbank chief executive and co-head of wealth management at UBS heads a strong team to help company founders with running a public company.
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As European bank consolidation finally gets under way, Euromoney looks at the financial firepower of the region’s top 20 players. Which banks are now best-placed to do the acquiring and which are at risk of being swallowed up? Mid-tier banks in southern Europe look especially vulnerable.
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No golf please, I’m delivering: how the German bank’s new CEO sees himself.
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Manfred Knof starts early next year, after Martin Zielke is ousted by Cerberus. He joins recently arrived chairman Hans-Jörg Vetter.
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Everyone wanted radical change at Commerzbank, except the bank itself.
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Firms such as Deposit Solutions and Raisin are thriving, partly because Europe’s wealthy are so risk averse.
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The biggest challenge in German banking has suddenly gone from job cuts to handing out state-guaranteed loans as quickly as possible.
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A few big banks in Germany, Switzerland and France pay the majority of the charges their central banks now levy on their reserves – Euromoney looks at which ones are worst affected and asks how they can manage the pain and maintain a conservative approach to liquidity and risk.
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Clients have had a much easier time than their banks in Germany, but fintech innovation is creating ways for the likes of Commerzbank and Deutsche Bank to thrive, even in the country’s SME heartlands.
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As Europe’s financial conduct authorities get tougher, banks will be even less likely to support trade between the EU and states that are small and poor.
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While Commerzbank might yet be an attractive partner in European consolidation, Deutsche is caught in a horrible cycle of continuing to cut costs to offset declining revenues.
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Debate around the UniCredit-Commerzbank merger will centre on its impact on European banks’ share prices as Eurosceptic populism makes cost cutting more difficult.
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Germany may conduct a strange experiment in state-sponsored investment banking if a merger between Deutsche Bank and Commerzbank proceeds.
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However the situation plays out, it might be the smaller firm that ends up in the stronger position.
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From Deutsche Bank to Santander or ING, banks in Europe need to change with the times and accept accountability to a wider public, represented by their governments: as with weak capital, deficient ethics will only entail greater state control.
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Commerzbank's online-only bank is a hefty beast, but growing faster than ever
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After a year in the recovery ward, 2017 results show some banks are healing. The most serious illness, negative rates, is stubbornly resistant however. The danger remains that banks may not recover before another disease –financial or technological – strikes.
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Penelope Smith, Director, Head of non-German Schuldschein Origination, DCM Loans at Commerzbank, considered the role of this unique private placement instrument in international investors’ portfolios.
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Austria’s best bank notched its best result to date last year on the back of a recovery in its emerging Europe operations. But while the group’s international network tended to grab the headlines, the domestic business also put in another strong showing.
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With all the factors that can affect the success and failure of an enterprise, financing SME clients can be a risky business – and one that many banks do not feel is worth the effort for the relatively small volumes of financing activity involved.
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The importance of emerging markets in the world economy has grown steadily but managing EM currency risk can be a nightmare for the unwary corporate treasurer. By 2014, emerging market economies already accounted for 36% of world GDP and 27% of world trade, yet in the period between 2010 and 2015 there were eight large depreciations of emerging market currencies, according to the International Monetary Fund. Managing the company’s financial interests in these challenging markets has become a top priority for treasurers. Which factors should treasurers look at?
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Any bank promoting its new strategy as ‘version 4.0’ has clearly suffered a chequered recent history. Now Commerzbank’s management is pinning its hopes on a renewed focus on corporate clients, especially in Germany. It sounds simple, but insiders admit it will require a cultural, as well as digital, transformation.
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In a reversal of their traditional roles, Deutsche Bank’s new focus on German business and a simplified structure bears more than a passing resemblance to domestic rival Commerzbank’s re-boot six months ago.
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Exits structured products businesses; splits Mittelstandsbank between corporates and retail division.
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Pension plans of many European companies are in crisis. Longer life expectancy entails paying out more in defined benefits, while volatile equity markets and low-yielding bonds have cut deep into investment returns. At the same time, the historically low interest rates and credit spreads result in higher discounted values of pension liabilities. Satu Jaatinen, Global Head of Corporate and Investor Solutions at Commerzbank, examines the strategic options for safeguarding pensions at risk.
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From the debris of multiple crises, Martin Blessing has overseen a quiet return to stability and moderate success at Commerzbank, just as the entire European banking sector hit the skids once more. In his last major interview before stepping down as CEO, Blessing looks back on his tumultuous eight-year tenure.
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CEOs are expected by shareholders and other stakeholders to guide their companies through today’s shifting risk landscape and deliver on financial objectives. Here's how.
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It won’t have escaped your notice but there are further regulatory changes coming down the track. Hard on the heels of European Market Infrastructure Regulation (EMIR), the second iteration of Europe’s Market in Financial Instruments Directive (MiFID II) and the Markets in Financial Instruments Regulation are under way.
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Commerzbank explains how SunTec's platforms helped to consolidate its pricing data, while reducing costs and improving response times to client requests.
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View full results index
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Rather than relying exclusively on in-house platforms, or buying in third-party resources, banks are benefiting from nurturing the next generation of talent to experiment with emerging fintech solutions. Citi, Commerzbank and DBS reveal their incubator strategies.
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Government IPOs Deutsche Pfandbriefbank; Commerzbank sells €2.9 billion loan portfolio.
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Commerzbank's senior transaction bankers explain the institution's focus on mid-sized corporates amid intensifying technological challenges and opportunities.
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The sale of a jumbo pool of legacy Spanish real-estate loans written by Commerzbank unit Eurohypo is just the latest evidence that the long-awaited deleveraging of Europe’s banks is set to accelerate. But as demand and supply in this part of the market finally align, the careful timing of sales will be crucial to their success.
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€3bln for DCM, €3bln for FICC; UniCredit, Commerzbank and Crédit Agricole to benefit as funding shifts to bonds
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Commerzbank issued a five-year €500 million covered bond backed by SME loans at the end of February – a landmark deal for the market given the atypical structure.
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Japanese bond yields are being kept low because domestic interest remains high, but how much longer will Japanese investors have to pay for the growing sovereign debt burden? Commerzbank comes to a scary conclusion.
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Stay alert to the US fiscal tragi-comedy and the monetary fallout or not, notes Commerzbank.
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Mean reversion, one of the fundamental properties of FX implied volatility, can be used to create trading signals in the options market, according to Jessica James, head of Commerzbank’s FX quantitative solutions group.
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The tie-up between Commerzbank and Dresdner was always something of a shotgun wedding, with German regulators, supervisors and politicians smiling beatifically as they approached the altar
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German corporates – who have this year expressed relatively neutral assessments of the euro’s prospects – are now conveying unprecedented euro bearishness, according to Commerzbank’s monthly FX opinion poll.
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Commerzbank has hired a former physics lecturer to establish a new FX quantitative solutions team.
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German companies have returned to their bearish view on the euro, as the euphoria over the easing of eurozone debt problems has subsided, according to a survey from Commerzbank.
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Commerzbank has unveiled Commander, its enhanced single-dealer platform (SDP), which features what it claims to be the world’s first interactive structured product portal.
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Having long ago surrendered their credibility, European bank regulators can hardly have expected any sharp reaction to the latest revisions of their stress test and associated demands on European banks to recapitalize.
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HSBC released its interim management statement last Friday but followed the Lloyds model of being light on real figures. The only numbers published were those the bank was obliged to publish: for its US operations. The management statement says that HSBC saw the market as being as subdued: “Global Banking and Markets’ performance in the quarter was robust, although trading activity was lower, reflecting seasonal factors and more subdued market sentiment and conditions.”
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Commerzbank was a fading but still powerful force. Eurohypo was establishing a strong foothold in real estate. Their marriage came as a surprise, but the firms’ combined talents are shaking up the real estate investment banking market. Phil Moore reports.
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Little more than a year ago Commerzbank was the sick man of European finance, seemingly destined to a lonely, perhaps terminal, decline. Now insiders say the surprise acquisition of Eurohypo has given the merged firm, and its investment bank, a new lease of life. Philip Moore reports on the patient’s progress.
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With the notable exception of Deutsche Bank, German investment banks’ performance has lagged their French peers for most of the decade. But the German sector is picking up on new market possibilities, with Commerzbank in particular looking to rebuild its business after a dramatic recovery. Philip Moore reports.
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Revision of Greece's public finance accounts has underlined the need for a big effort to reduce budget deficits. However, the government seems unwilling to tackle crucial areas such as social security reform. Dimitris Kontogiannis reports
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For children with backgrounds of poverty, neglect and abuse, the City can seem an incomprehensible and daunting place. Commerzbank's head of treasuries, Can Biritrim, however, is keen to show them it can be a source of support. Working with the charity Kids Company, which supports London children who have severe behavioural, emotional and social difficulties as a result of childhood trauma or neglect, Biritrim, together with head of prop trading Tim Fisher, invited three of the children the charity works with to the London office for the day.
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This has been an exciting few weeks for Commerzbank. First it smiled its way through yet more poor results, while promising better times ahead. Days later, it sealed a merger with a retail bank. Then it awarded such low bonuses to securities staff that it risked losing talent. Here, senior executives discuss the bank's strategy, prospects for consolidation and the trouble with bonuses. Katie Martin reports
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Issuer: Commerzbank
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Germany Inc doesn’t like outsiders, especially those challenging the fundamental building blocks of German finance. Cobra, a group of opportunistic shareholders, took on Commerzbank and forced it to consider change. But things didn’t go as planned and both sides are licking their wounds. What’s next in the game of who gets what and who pairs off with whom? David Shirreff reports
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The Cobra is Hansgeorg Hofmann, former Merrill and Lehman syndicate chief, former board member of Dresdner Bank, who disappeared from view in December 1997 after a debacle about his tax returns.
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Insurer Allianz has a headache in the wake of the scrapped merger between Deutsche Bank and Dresdner Bank. The deal, which Allianz did much to engineer, would have given the Munich group the dream solution to its strategic problems in its home market. It still has plenty of strings to pull in the inevitable round of banking M&A moves to come. Allianz harbours a secret wish to resurrect the deal but is more likely to get an inferior version: Dresdner-Commerzbank.
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The endgame being played out in the Polish banking sector is messy and aggressive and cuts to the heart of the attractions and the problems faced by strategic and portfolio investors in this emerging European market. The protagonists include three of the world’s powerhouse banks: Citibank, Deutsche Bank and Commerzbank. Minority shareholder rights have been ignored in the scramble for market position. Ian Dawson reports on the fight for the last seats at the top table
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Commerzbank has defied history and set up a profitable global equities operation from scratch. Or has it? We can't measure the success of this adventure. Nor does the bank's management want us to know. It's staking everything on Wunderkind Mehmet Dalman whose empire, to his own amusement, is expanding by the minute. Laura Covill reports
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Gardening leave for overworked bankers is perhaps one of the more agreeable spin-offs when one bank buys another. A recent beneficiary is Carol Barazzone, the former head of global equity syndicate at BZW, who quit in April four months after the sale to CSFB.
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Commerzbank used to be content pushing along as Germany's number-three bank. As local rivals merge and grow, this bank is too proud to downsize. In equities at least, it wants to be a global player. Laura Covill reports.
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Yann Gindre became an instant celebrity last summer - but not for reasons entirely of his own choosing. When most high-rolling Euromarketeers were lying on tropical beaches or on their private yachts, Gindre became the centre of a tug-of-war, as senior executives at BZW in London jockeyed for position following the arrival of Robert Diamond from Credit Suisse First Boston as BZW's new fixed-income supremo.