Commerzbank's net loss hits €6.6 billion
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Germany's second-biggest bank, Commerzbank, posted a net loss of €6.6 billion for 2008. The result, due to global problems in the banking sector, included losses for its recent acquisition, the troubled Dresdner Bank.
AFP - Germany's second biggest bank, Commerzbank, reported Friday a 2008 net loss of 6.6 billion euros (nine billion dollars), including its recently acquired Dresdner Bank business.
Commerzbank had posted a net profit of three million euros in February but that figure did not include results from Dresdner, a bank bought from the insurance group Allianz for 4.7 billion euros.
Commerzbank waited until it published its annual report to present pro forma results that included Dresdner.
"The overriding theme of 2009 will be the integration of Dresdner Bank," Commerzbank said.
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