Commerzbank AG, a German lender rescued by taxpayers following the 2008 financial crisis, is “close” to a deal with European Union regulators to change the terms of the bailout that required it to sell its Eurohypo unit.
Commerzbank AG jumped the most in more than two months in Frankfurt after Germany’s second-largest lender said it’s more than halfway to its goal of raising capital, and can do so without asking for state aid.
ZAO Promsvyazbank’s largest shareholders, Alexei and Dmitry Ananyev, plan to buy an additional 14.4 percent stake from Commerzbank AG by June, Vedomosti reported, citing the Russian lender’s president Artem Konstandian.
ING Groep NV Chief Executive Officer Jan Hommen said the European Union may need to relax demands that financial companies sell assets, given that there’s “no market” for deals as the sovereign-debt crisis worsens.
Moody’s Investors Service cut financial-strength ratings for Commerzbank AG, Germany’s second- largest lender, citing the “weakening resilience and eroding franchise” of its public-finance unit. The shares fell.