Commerzbank : Good news on solvency but RoTE persistently weak
>Solvency, the main piece of good news - The ECB has announced a 25bp reduction in regulatory CET1 to 10.11%. Whilst the impact is modest it signals an improvement in the perception of the ECB. However, P2R remains at the high level of 2.0% (-25bp). With CET1 at 12.9%, Commerzbank has leeway of 280bp vs numerous European banks. Commerzbank has set a target of over 12.75% for 2019, factoring in the decline in SREP. This target includes the assumption of a 2% increase i...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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