Lindner is very satisfied with Commerzbank

by time news

BFederal Minister of Finance Christian Lindner is not signaling a rapid withdrawal of the federal government from Commerzbank. The government is very satisfied with the bank, said the head of the FDP on Thursday at a Handelsblatt conference. The money house is particularly important for the financing of small and medium-sized businesses. The government is not under pressure to make a quick decision. It is therefore not the day for speculation.

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 in 2008. An exit has not been successful so far, also because it has not paid off financially for the federal government. “We have no legal or other obligation to make quick decisions about Commerzbank, but we want this bank to develop well in the German financial center because we know its important role,” said Lindner.

Despite an impending recession, Commerzbank still believes in billions in profits this year. “We’ve already covered a large part of the way, so I’m still cautiously optimistic,” said Commerzbank boss Manfred Knof on Thursday at the conference in Frankfurt. “We continue to assume that if this doesn’t lead to a full-scale catastrophe and emergency braking, we can of course achieve our goals.”

The Executive Board is aiming for a surplus of more than one billion euros for the year as a whole. In the first half of the year, the M-Dax group had earned 768 million euros despite the economic upheaval caused by the Ukraine war. When presenting the interim balance sheet at the beginning of August, CFO Bettina Orlopp said that in order for profits to exceed the one billion euro mark this year as planned, the economy must not deteriorate even more significantly: “In this context, the supply of the German economy with gas.”


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To the detailed view

Delivery bottlenecks, high delivery costs and rising prices are putting the “Made in Germany” business model under pressure, according to Knof. Almost a third of German foreign trade is processed via the institute and it therefore has an insight into international goods traffic. Accordingly, German companies were looking for new trade routes and partners. “They are orienting themselves away from Russia, many are now also looking at China with more caution,” explained Knof.

The country 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. Germany has so far achieved too little in the expansion of renewable energies. “If the energy transition is to succeed, we also need cooperation with countries that do not correspond to our democratic ideals,” said the Commerzbank boss.

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