A emblem of the financial institution is seen subsequent to the headquarters of Commerzbank someday forward of the financial institution’s rejoinment to Germany’s share value index DAX in Frankfurt, Germany, February 26, 2023. REUTERS/Kai Pfaffenbach/File Picture Purchase Licensing Rights
Dec 1 (Reuters) – Commerzbank’s (CBKG.DE) chief government officer Manfred Knof has approached state-backed funds from Asia and the Center East in latest weeks to gauge their curiosity in shopping for a stake of as much as 9.9%, Bloomberg Information reported on Friday.
The German financial institution is speaking to sovereign wealth funds about turning into an anchor investor to shore up its defenses in opposition to any opportunistic takeover bid and protect its independence, the report added, citing folks accustomed to the matter.
The financial institution has additionally mentioned internally the prospect and implications of the German authorities promoting down its stake, the report mentioned.
Commerzbank declined to touch upon the Bloomberg report.
In November, the financial institution’s administration offered a method replace, saying it could scale back its cost-to-income ratio to 55% by 2027 and goal for a internet revenue of round 3.4 billion euros ($3.69 billion) in that 12 months.
($1 = 0.9226 euros)
Reporting by Gursimran Kaur in Bengaluru. Modifying by Jane Merriman
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