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Following the sale of Commerzbank’s portfolio of chemical tankers, the risk profile improves in the Non-Core Assets (NCA) business segment Deutsche Schiffsbank. The entire portfolio will be transferred to the buyer without any exposure left with Commerzbank. The volume of the non-performing loans has thus been lowered by approximately EUR 280 million or around 6% compared to the end of September 2013. Following the sale of the commercial real estate financing business in Great Britain in July 2013, Commerzbank is now also selling a larger partial portfolio in the Ship Finance segment. “We are pleased that we have been able to realise this transaction in what continues to be a difficult market environment on the international ship markets. The positive capital effect resulting from the transaction is testimony to the appropriate valuation of the ship loans portfolio. We will continue with our consistent strategy of value-preserving reduction,” said Stefan Otto, Divisional Board Member NCA Deutsche Schiffsbank. In sum, the sale does not significantly impact Commerzbank’s earnings in the fourth quarter 2013. The reduction of EUR 165 million in the risk-weighted assets (RWA) in the course of the transaction results in an overall positive net capital relief effect of EUR 8 million. With this transaction Commerzbank is pushing ahead with the portfolio reduction in the NCA segment. As of the end of September 2013 the reduction target set for 2013 was already overachieved. About Commerzbank Commerzbank is a leading bank in Germany and Poland. It is also present worldwide in all markets for its customers as a partner to the business world. With the business areas Private Customers, Mittelstandsbank, Corporates & Markets and Central & Eastern Europe, it offers its private and corporate customers as well as institutional investors the banking and capital market services they need. With some 1,200 branches Commerzbank has one of the densest branch networks among German private banks. In total, Commerzbank boasts nearly 15 million private customers, as well as 1 million business and corporate customers. In 2012, it generated revenues of just under EUR 10 billion with approximately 56,000 employees on average. Commerzbank, press release |
Commerzbank sells 14 chemical tankers to affiliate of