Commerzbank : Stake acquired by Unicredit … and unsurprising renewal of M&A speculation
>The possible M&A scenario supports our positive stance (Outperform, TP € 17.3) - The sizeable uptick in speculative appeal around Commerzbank after the stake acquired by Unicredit, if it is confirmed going forward, underpins our positive stance on the stock. This is based initially (core scenario for CBK on a stand-alone basis) on the prospect of a continued recovery in the group’s operating performances which, coupled with a now more solid/credible balance sheet sit...Commerzbank operates through five segments: Private Customers, which comprises the Private Customers, Direct Banking and Commerz Real divisions; Mittelstandsbank, which include the Mittelstand Germany, Corporate Banking & International and Financial Institutions divisions; Central and Eastern Europe, which consists of the universal and regional banking and direct banking activities; Corporates and Markets, which consists the Equity Markets & Commodities, Fixed Income & Currencies, Corporate Finance and Credit Portfolio Management divisions; as well as Non-Core Assets, which includes the operations of CRE Banking Germany, CRE Banking International, Public Finance and Deutsche Schiffsbank.
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