Commerzbank to hold supervisory board meeting to discuss strategy: sources

Written by on May 15, 2019

FILE PHOTO: FILE PHOTO: A sign for an ATM of Commerzbank is seen next to the headquarters of Deutsche Bank (R) in Frankfurt
FILE PHOTO: A sign for an ATM of Commerzbank is seen next to the headquarters of Deutsche Bank (R) in Frankfurt, Germany, March 19, 2019. REUTERS/Kai Pfaffenbach/File Photo

May 15, 2019

FRANKFURT (Reuters) – Commerzbank plans to hold an extraordinary meeting of its supervisory board on May 21 to discuss strategy, people familiar with the matter said on Wednesday.

The gathering, which will take place the day before the bank’s annual general meeting, comes amid questions about Commerzbank’s future after the collapse of merger talks with rival Deutsche Bank last month.

On Tuesday, Reuters reported that Italian bank UniCredit had stepped up preparations for a potential bid for Commerzbank by drafting in investment bankers. Sources have also said that Dutch bank ING has held informal talks with Commerzbank.

A spokeswoman for Commerzbank declined to comment on the meeting, which was first reported by Handelsblatt.

Half of the bank’s 20-member supervisory board are labor representatives, who have worried about job losses if the bank were to merge with a competitor.

Commerzbank plans to present a new strategic plan to investors later this year.

(Reporting by Hans Seidenstuecker and Tom Sims; Editing by Susan Fenton)

Source: OANN

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