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Commerzbank retains stake in mBank

Wednesday 13 May 2020 14:37 CET | News

Germany-based Commerzbank has decided to retain a majority stake in its Poland-based subsidiary mBank, and terminate the sales process.

The bank abandoned its divestment plan as it believes that it may not receive an acceptable return on sale amid the COVID-19 crisis.

The mBank will continue to be a part of Commerzbank, with the group holding 69.3% majority stake valued at nearly EUR 1.2 billion, down from EUR 2 billion earlier in 2020.

The German bank announced its divestment plans back in September 2019, after its merger deal with Deutsche Bank fell through. The agenda of the divestment was to reduce risk-weighted assets and to release capital within the group for faster implementation of the Commerzbank 5.0 strategy.


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Keywords: Commerzbank, Poland, banking, mBank, Germany, banks, Deutsche Bank
Categories: Banking & Fintech
Companies:
Countries: Germany
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Banking & Fintech