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Business

German state to buy major stake in Commerzbank

Latest update : 2009-01-08

The German state has agreed to buy a 25% stake in Commerzbank, the country's second largest bank. The partial nationalisation will involve a 10-billion-euro capital injection by the German banking sector stabilisation fund (SoFFin).

AFP - Germany's second biggest bank, Commerzbank will be partially nationalised, with the state taking a holding of 25 percent plus one share, it said on Thursday.
  
After the bank receives 10 billion euros (13.6 billion dollars) in fresh capital from the German banking sector stabilisation fund SoFFin, "the federal government will hold a stake of 25 percent plus one share in the new Commerzbank," it said in a statement.

Date created : 2009-01-08

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