In the financial crisis, the state has to save Commerzbank. Almost a decade and a half later, the federal government still holds a stake. In the meantime, the Ministry of Finance is satisfied with the development of the bank and is deliberately relaxed when it comes to exiting.
Federal Finance Minister Christian Lindner has dampened speculation that the state will soon exit Commerzbank. “We have no legal or other obligations to make quick decisions about Commerzbank. In this respect, there is no reason for any speculation today,” said the FDP chairman at a “Handelsblatt” conference. “The federal government is very satisfied with the development of Commerzbank.” You have ambitious goals and play an important role, especially for the financing of small and medium-sized businesses.
The federal government is the largest shareholder of Commerzbank with 15.6 percent. The participation goes back to the rescue in the global financial crisis of 2008/09. An exit has not been successful so far, also because it has not paid off financially for the federal government.
Commerzbank boss Manfred Knof recently initiated a far-reaching restructuring in order to lead the institute, which traditionally struggles with high costs, back onto a stable profit path. As part of the restructuring, only 450 of around 1,000 branches are to remain. Of the 10,000 jobs that are to be cut, the bank has so far contractually fixed the reduction of 7,000 jobs. At the end of July, Knof stuck to its goal of making a profit of more than one billion euros in 2022. “I want to defend the independence of the bank,” he said in Frankfurt.
German companies are currently looking for new trade routes and partners, added the head of the bank. “They are orienting themselves away from Russia, and many are now also looking at China with more caution.” Germany must also be open to new partners when it comes to energy supply. Germany can obtain green hydrogen from countries in North Africa and the Middle East. So far, too little has been achieved in the expansion of renewable energies. “If the energy transition is to succeed, we also need to work with countries that do not correspond to our democratic ideals.”
