Commerzbank news 2019. Commerzbank flags 2019 profit drop amid weak economy, higher taxes

Deutsche Bank and Commerzbank merger talks collapse

commerzbank news 2019

This article is brought to you courtesy of. In addition to the continued growth in customers and assets, two other strategic milestones were reached. Commerzbank intends to leverage the high level of digital expertise of comdirect for the entire Group. These forward-looking statements are based on the management's current plans, expectations, estimates and projections. Forward-looking statements therefore speak only as of the date they are made. Release of equity through planned disposal of mBank; acquisition offer to shareholders of comdirect bank On 20 September 2019, Commerzbank announced that the Bank was selling its majority shareholding in mBank S. Through the planned integration of comdirect the Bank will bundle its digital expertise.

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Commerzbank: Net profit of EUR391m in the first half of 2019

commerzbank news 2019

This more than compensated for the increase in compulsory contributions. The ratio already includes a dividend accrual in line with the pay-out ratio for 2018. Overall, the decrease was mainly due to the low fair value result and the higher risk result. The new customers provided additional business. They are subject to a number of assumptions and involve known and unknown risks, uncertainties and other factors that may cause actual results and developments to differ materially from any future results and developments expressed or implied by such forward-looking statements.

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Commerzbank flags 2019 profit drop amid weak economy, higher taxes

commerzbank news 2019

Due to its in-depth sector know-how in the German economy, the Bank is a leading provider of capital market products. This reflects the Bank's prudent lending standards and the resilient but generally weaker German economy. In total, Commerzbank serves more than 18 million private and small business customers, as well as more than 70,000 corporate clients, multinationals, financial service providers, and institutional clients worldwide. The state-backed bank, noting a weaker global economy, also said revenue was no longer expected to be higher in 2019. By contrast, Others was adversely affected by a lower result from hedging activities and portfolio management as well as the lack of revenues from legacy portfolios particularly in the second quarter of 2019. Comdirect will become part of a strong, innovative multichannel bank and will benefit from economies of scale and opportunities for growth within the Group. The Bank is planning to maintain a pay-out ratio for financial year 2019 at a level comparable to 2018.

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Commerzbank flags 2019 profit drop amid weak economy, higher taxes

commerzbank news 2019

This led to lower revenues overall. The Bank sees revenue potential through the enhanced use of data, which will enable the provision of individually tailored products to clients. This led to lower revenues overall. With approximately 1,000 branches, Commerzbank has one of the densest branch networks among German private banks. The transaction is subject to regulatory approvals. It is therefore strengthening its distribution capabilities with more than 150 new front office staff in Germany alone. This will enable the Bank to accelerate its digitalisation, generate growth and increase efficiency.

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Commerzbank: Gold To Hit $1,350 In 2019

commerzbank news 2019

In the corporate clients business, Commerzbank will gear its credit portfolio more towards sustainability criteria. This will allow the Bank to generate the financial resources enabling a faster implementation of its strategy and the associated investments. Since its foundation in 1994, comdirect has set benchmarks in online banking with innovative products, services, and advisory. In addition, this area had benefited from a large individual transaction in the previous year. As the rate-hike cycle draws to a close in the U.

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Commerzbank: Gold To Hit $1,350 In 2019

commerzbank news 2019

The targeted capital ratio remains unchanged at between 12 and 13 per cent. And this is exactly what we are examining and assessing in our current strategy process. And the transformation of the headquarter has taken an important step forward. As of this week, private customers are able to take out green mortgages. However, the progress in the customer business was contrasted by a significantly lower fair value result in the Corporate Clients segment, especially in the second quarter. .

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Commerzbank: Gold To Hit $1,350 In 2019

commerzbank news 2019

Bundling of digital expertise through planned integration of comdirect Business with private and small-business customers will also be strengthened by the planned integration of comdirect into Commerzbank. As already announced, another Group-wide headcount reduction of gross circa 4,300 and net circa 2,300 full-time positions is regrettable but inevitable. This, in conjunction with the increase in personnel, will enable an even higher intensity of client coverage and advice. In the Private and Small Business Customers segment, Commerzbank is investing strongly into its mobile banking franchise, keeping the branch network as a core pillar of its offering. Risk-weighted assets for credit risks also remained at the same level as in the first quarter of 2019 despite increased lending volumes in the core business. This forms a good basis for a further increase in net interest income. Overall, the Bank expects a slight year-on-year increase in consolidated net income for the 2019 financial year, although this target has become significantly more ambitious given the earnings development in the first half of the year, the noticeable worsening of the macroeconomic situation, and the increasingly uncertain geopolitical situation.

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