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Commerzbank Is Said to Start Sale of $120 Million Hungary Unit
Bloomberg 4 hrs ago © Bloomberg Commerzbank AG logos.
(Bloomberg) Commerzbank AG is kicking off the sale of its banking business in Hungary, according to people familiar with the matter, as its new chief executive officer embarks on a plan to cut costs and withdraw from non-core countries.
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The German lender’s Hungarian unit could be valued at about 100 million euros ($119 million) in any sale, the people said. The business could attract interest from Belgium’s KBC Group NV and Raiffeisen Bank International AG of Austria, the people said, asking not to be identified discussing confidential information.
Banks in Germany Tell Customers to Take Deposits Elsewhere
1
More customers are having to pay negative rates as savings have surged amid the pandemic
published : 3 Mar 2021 at 04:00
1 Commerzbank, one of Germany s biggest lenders, has told customers since last year to pay a 0.5% annual rate to keep large sums of money with it. (Photo: Bloomberg)
Interest rates have been negative in Europe for years. But it took the flood of savings unleashed in the pandemic for banks finally to charge depositors in earnest.
Germany s biggest lenders, Deutsche Bank AG and Commerzbank AG, have told new customers since last year to pay a 0.5% annual rate to keep large sums of money with them.
European Banks Use the Pandemic to Clean House European Banks Use the Pandemic to Clean House
Long resistant to change, Germany s Commerzbank and others are slashing jobs, closing branches and forcing customers online
published : 16 Feb 2021 at 04:00 Commerzbank plans to cut almost half of its bricks-and-mortar presence. Bloomberg
European banks are using the pandemic to make changes investors have wanted for years: slash jobs, shut branches and force customers online.
Germany s second-largest lender, Commerzbank AG, said last Thursday that it would cut a third of its domestic staff and almost half of its bricks-and-mortar presence after pressure from U.S. shareholder Cerberus Capital Management.
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