Commerzbank AG, the German bank that got a 18.2 billion-euro ($23.5 billion) state bailout, completed its fifth capital increase in four years, the day after Standard & Poor’s cut its credit rating, warning of risky lending.
Commerzbank AG, Germany’s second- biggest bank, is seeking 2.5 billion euros ($3.25 billion) in the fifth capital increase in four years to repay debt from a government rescue. The shares fell to a record low.
Commerzbank AG, Germany’s second- biggest bank, slid in Frankfurt trading after newspaper Handelsblatt said the company will sell shares in a 2.5 billion- euro ($3.25 billion) capital increase this week.
Dorothee Blessing, who rose to become co-head of investment banking for Germany and Austria at Goldman Sachs Group Inc. in a career spanning two decades, is leaving the U.S. investment bank and securities firm.
Matthew Jordan, like many Dresdner Kleinwort bankers, was worried about Commerzbank AG’s plans to take over the investment bank in 2008. Jordan, Dresdner’s deputy head of equity research, had lost 20 analysts to rivals that year amid uncertainty about the lender’s future.
Commerzbank AG, the loss-making German bank that got 18.2 billion euros ($24 billion) in state aid, fell for a fourth day as Chief Executive Martin Blessing prepared to carry out the fifth capital increase in four years.