FRANKFURT (Dow Jones) – With a slip rate of more than 3% on Friday , the shares of Commerzbank may not yet responded to this fall, pending capital increase. Clock at 13.20 with the title quoted weaker 6.256 EUR to 2.2 %. The " Handelsblatt "reported on Friday on a capital increase of at least EUR 5 billion . ( Reuters photo 🙂
Appropriate market sentiment and provided stability , could the measure be implemented in the fall .
A spokesman at Commerzbank AG referred to Dow Jones Newswires on statements from the Chief Financial Officer Eric Strutz by early August. The general meeting had approved the possible capital measures, give a concrete plan but it does not respect . This situation has not had changed.
The Frankfurter Bank had fallen during the financial crisis in distress. The state had a total of over EUR 18 billion to save from destruction. Since then, the federal government is on the bank rescue fund Soffin with 25 % plus one share participates in Commerzbank. EUR 16.4 billion are held in the form of a silent partnership . pay for this , the Commerzbank annual 9 % interest , once again profitable.
Chief Executive Martin Blessing had placed on presentation of the results for the second quarter of 2010, a profit in view. 2012, the bank will then reach full profitability.
In recent weeks, the pressure grew on the part of government to the bank to repay the state aid, as many institutions have done in the U.S. . Federal Finance Minister Wolfgang Schauble announced in an interview with the Rheinische Post " a few days before an early exit from the state of Commerzbank.
Gear also expresses Federal Minister Rainer Brüderle . " At Commerzbank , I hope it can withdraw the federal government in the latest three years completely out of the bank , "he had the " Handelsblatt said in early August.
Ministry of Finance on Friday , first no one could be reached for comment.
For some analysts the plans pushed for a capital , they should come true , to criticism . The analysts at WGZ Bank on Friday lowered the price target for Commerzbank to 4.80 EUR 8.00 . A capital increase in height would have circulated a highly dilutive effect.
Merck Finck analyst Konrad Becker , a capital increase that would not be wise. He pointed to the low price. The bank would need 877 million new share issue in order to achieve the EUR 5 billion , he calculated . The Institute should rather look for alternatives to capital generation. He cited a reduction in the risk-weighted assets and a reduction of the core capital ratio. Better conditions for a capital , he saw to reach full profitability.
Becker also said it was unlikely that the proposed Basel III rules would require banks , hybrid capital and silent deposits directly converted into "hard core capital . "
" This amount is brutal high compared to market capitalization of EUR 7.6 billion , "said a dealer. "The return of Commerzbank in the independence will be long , "added Heino Ruland Ruland of Research, looks at a capital increase only as a first step to reducing the hidden deposits of the federal government. As Finance Minister Schäuble to phase out direct participation aspires to be a total of both positions as well as capital increases to be expected , the analyst. Ruland believes it to be negative , that Commerzbank , in contrast to U.S. institutions had not been in a position to repay state aid from generated funds , but according to claim Handelsblatt enter the capital market .
– By Ulrike period , Dow Jones Newswires
+49 ( 0 ) 69 29 725 104 unternehmen.de @ dowjones.com
"(Andrea Thomas and Herbert in Berlin in Frankfurt Rude
contributed to this report.)
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