Commerzbank : Strategic impasse confirmed...priced in at last
>Intrinsic difficulties finally priced in by the market - Commerzbank had already unveiled the broad lines of its strategic plan at the end of January. The details provided by the group underpin our fears:Solvency constraints will prevent Commerzbank from absorbing the investments and restructuring charges necessary to target an RoTE of above 6.5-7.0%. Moreover, more widespread restructuring will only increase the execution risk which we already deem to be high.§...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.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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