For the fourth Time in the last few year, the Commerzbank is trying to reinvent itself. So far, every release was more of a slap in the water. The current experiment observers skeptical.
“We want to make our Bank weather-proof and future-proof”, defended Commerzbank chief Executive Martin Zielke a new radical reconstruction, which was presented under the title of “Commerzbank 5.0”. The program to approximately coincide 4300 and 200 of the 1000 branches to the victim. Despite these drastic times Zielke, the earnings and return targets make trade-offs.
“The triggers no enthusiasm call,” said Bank analyst Philipp Häßler from the trading house Pareto Securities in Frankfurt. “This shows that Commerzbank is in a very difficult Situation.” Because the Commerzbank intends to implement its re-liberation in a tougher business environment.
The competition – driven by new competitors in the Internet – not hard, for an end to the low interest rate policy of the ECB is in sight. And now the slowdown threatens the Economy, increasing credit losses. “For a better environment, we cannot hope,” said Zielke. Therefore, the set is unavoidable. Affects 14 per cent of the Polish subsidiary mBank, which wants to sell Commerzbank to raise capital for the rebuild, to dig free.
On a rocky road
“The plans of the Commerzbank blades according to the Motto, ‘wash me, but don’t make me wet,'” says Klaus Nieding of the German protection Association for securities holding (DSW). “It all seems a bit helpless.”
The Institute will focus more on digital services, the costs are to be reduced by 2023 600 million. To occur strictly on the cost of brakes is important, but that there is a clear strategy for how the second-largest German private Bank, your income will raise, lack of Nieding criticized. “The great liberation that is not”, also said Analyst Philipp Häßler from the Broker Pareto Securities. “A long and winding road.”
The Fusion with the German Bank was on the table. Or only for the time being, the Agenda disappeared?
Success without the “jewel”?
Analysts are skeptical, because Commerzbank is to sell its subsidiary mBank in Poland, which is referred to by many experts as the “crown jewel”. The Institute has contributed in the past years, around 300 million euros to net consolidated profit of the Commerzbank. This was 2018, at 865 million euros.
“The success of the group’s restructuring is largely linked to the sale of mBank,” said standards, the Fritz by the Fund provider Union Investment. If this go smoothly, is questionable, because in Poland still judgments to be tackled, such as the local banks with loans in Swiss francs deal. MBank is sitting on such a Portfolio with a volume of around CHF 3.7 billion.
However, for the “Commerzbank 5.0”-project of the money, fast and a lot. A further capital increase is excluded because of the current stock market valuation according to the opinion of experts. The next value of the index, the MDax-listed shares are not 5,39 Euro is currently far from her in August reached a record low of Euro 4.65. Two years ago, they were still well worth twice as much.
Restart as a Fintech company?
Critical experts see the Integration of the digital banking Comdirect in the Commerzbank group. So many fear that the “Fintech Spirit” to be lost, has made the young institution successfully. “The more Commerzbank, Comdirect by beat has, the more cumbersome it was,” says a former employee who wants to remain anonymous. “You want to go in the direction of the digital and Fintech, but maintains a relatively large and expensive branch network”, criticized investor-protectors Nieding.
The customers of Commerzbank will have to adjust in the future to higher fees, made Bank chief Zielke clearly, without going into Detail. “But this is not the prelude to the farewell to the free checking account,” he said.
By 2023, the Bank wants to win compared to the fall of 2016, when the last strategy was announced 2.5 million customers, only 500,000 to more than you had initially until the end of 2020. Instead, it wants to make more business with existing customers. First of all, you want to get rid of but a Million inactive customers, the number of customers drops to 11.1 million. “Including but is not a customer, we are since 2013, have won, just so there’s no misunderstanding,” stressed Zielke.
And if all not helps, could also come to the UniCredit Commerzbank-saver in question …
Commerzbank: lion or lamb?
With their new strategy, “Commerzbank 5.0” point, Germany’s second-largest private Bank in the Soft to be in the case of mergers, an “active player,” said Zielke. “It will be in Germany, probably also in Europe in the short or long consolidation.” Open the Commerzbank-chief was whether he sees the money in the house as a possible buyer.
For 2019 Commerzbank expects in spite of the group tag in the black. The conversion costs would only be recognised in the next year. Also, the Bank will as a dividend promised for 2019 to the level of the previous year of 20 cents per share to distribute.
Trade unionists not impressed
The services Union Verdi announced resistance against Job cuts at Commerzbank in sales. “Against a reduction of staff in the branch area, we are quite decided,” said Verdi Union Secretary Stefan Wittmann on Friday.
There is “no potential for savings” in the branches. A possible further reduction of personnel in other areas will accompany Verdi critical. The goal of a complete takeover of the Online subsidiary Comdirect and the sale of the majority stake in the Polish mBank support it, however.
dk/bea (dpa, rtr)