Commerzbank to Transfer CRE Financing Business
Commerzbank, Germany’s second largest lender will transfer its commercial real estate and ship financing business to a restructuring unit aimed at winding down non-core assets, according to The Wall Street Journal. The two portfolios constitute a total volume of $215 billion.
The bank cited uncertain markets, the heightened sovereign debt crisis and increasing capital and liquidity requirements, particularly for long-term financing under the Basel III regime for the decision. Commerzbank will continue to provide real-estate financing to retail and corporate clients. The bank’s retail fund business, CommerzReal, will be integrated into the core bank’s Private Customers segment.
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The German government holds a 25 percent stake in Commerzbank.
Last Updated on June 28, 2012 by Ramin Seddiq