Connect to share and comment

Austria names German banker as Hypo Alpe Adria chairman

FRANKFURT (Reuters) - Austria named veteran German banker and restructuring expert Herbert Walter as chairman of bailed-out state bank Hypo Alpe Adria <HAABI.UL>. Walter, a former head of Dresdner Bank, replaces Klaus Liebscher, who resigned last month after disagreements with the government over how to deal with Hypo. Austria nationalized the bank in 2009 when it was on the verge of collapse after a decade of breakneck expansion at home and in the Balkans, fuelled by debt guarantees from its home province of Carinthia.

Returning to profit in Q4, Commerzbank pushes on with restructuring and shares soar

BERLIN - Germany's Commerzbank eked out a small profit in the fourth quarter following heavy losses in the same quarter a year ago, helping it end 2013 in the black and send its stock soaring The Frankfurt-based bank said Thursday that it made a net profit of 64 million euros ($87 million) during the period, in contrast to last year's massive loss of 726 million euros. As a result, it ended 2013 with a profit of 78 million euros, again in contrast to 2012's 47 million euros loss.

Commerzbank back in profit in 2013

Commerzbank, Germany's second-biggest lender, said on Thursday it returned to profit last year but warned the environment would remain difficult this year and it would unlikely resume dividend payouts just yet. Commerzbank said in a statement it booked net profit of 78 million euros ($106 million) in 2013, compared with a loss of 47 million euros a year earlier. But operating profit slumped to 725 million euros from 1.17 billion euros a year earlier. All sources of income were lower, with overall revenues falling 5.9 percent to 9.269 billion euros.

European equities slide on poor company results

European stocks fell Thursday as investors reacted to largely disappointing results from a raft of blue-chip companies, dealers said. London's FTSE 100 index slid 0.69 percent to 6,628.91 points in late morning deals, Frankfurt's DAX 30 sank 0.29 percent to 9,512.55 points and in Paris the CAC 40 fell 0.37 percent to 4,289.51 compared with Wednesday's closing values.

European equities slide on poor company results

European stocks fell Thursday as investors reacted to largely disappointing results from a raft of blue-chip companies, dealers said. London's FTSE 100 index slid 0.69 percent to 6,628.91 points in late morning deals, Frankfurt's DAX 30 sank 0.29 percent to 9,512.55 points and in Paris the CAC 40 fell 0.37 percent to 4,289.51 compared with Wednesday's closing values.

Commerzbank back in the black in 2013: results statement

Commerzbank, Germany's second-biggest lender, said on Thursday it returned to profit last year but warned the environment would remain difficult this year. Commerzbank said in a statement it booked net profit of 78 million euros ($106 million) in 2013, compared with a loss of 47 million euros a year earlier. But operating profit slumped to 725 million euros from 1.17 billion euros a year earlier. All sources of income were lower, with overall revenues falling 5.9 percent to 9.269 billion euros.

Commerzbank says management board to shrink to 7 members by 2014

FRANKFURT (Reuters) - Germany's Commerzbank <CBKG.DE> said Jochen Kloesges and Ulrich Sieber will leave by year end, shrinking the management board of the country's second-largest lender down to seven from nine members. The board reduction is part of a broader restructuring drive to cut costs launched in November 2012, the bank said on Wednesday. (Reporting by Edward Taylor)

Commerzbank CEO says independence no end in itself

BERLIN (Reuters) - The chief executive of Commerzbank <CBKG.DE> said Germany's second largest lender should not remain independent at all costs, a German newspaper reported. "To me, autonomy is no end in itself," Martin Blessing was quoted as saying by weekly Welt am Sonntag in an interview published on Sunday. "I want our employees to have the feeling that they can do something meaningful for the economy."

Fed orders Commerzbank to fix money-laundering measures

The US Federal Reserve on Thursday ordered German bank Commerzbank to undergo an independent audit to strengthen its anti-money laundering measures. The independent evaluation should provide information to determine whether Commerzbank met US requirements to report "suspicious activity" between May and October 2012, the Fed said in a statement on its website.

Commerzbank CEO will stay on to complete revamp: paper

FRANKFURT (Reuters) - Martin Blessing, chief executive of German lender Commerzbank <CBKG.DE>, said he will not step down from the bank until his reform program has been completed. "It would be absurd to give up prematurely," Blessing told German newspaper Handelsblatt in an interview. "I can and want to bring the reorganization of Commerzbank to a successful end. That is my goal," he said.
Syndicate content