This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.bbc.co.uk/go/rss/int/news/-/news/business-12982618
The article has changed 2 times. There is an RSS feed of changes available.
Previous version
1
Next version
Version 0 | Version 1 |
---|---|
Commerzbank to repay 14.3bn euros in rescue aid | |
(about 3 hours later) | |
German bank Commerzbank has said it will repay 14.3bn euros ($20.4bn; £12.5bn) in state aid by June. | German bank Commerzbank has said it will repay 14.3bn euros ($20.4bn; £12.5bn) in state aid by June. |
The bank is to raise some 8.25bn euros from investors as part of the plans to reduce its dependency on state money. | The bank is to raise some 8.25bn euros from investors as part of the plans to reduce its dependency on state money. |
However, as part of the complex restructuring, the German government will retain its 25% stake in the bank. | However, as part of the complex restructuring, the German government will retain its 25% stake in the bank. |
Commerzbank got more than 18.2bn euros of state aid to survive the financial crisis and complete a takeover of Dresdner Bank, its troubled rival. | Commerzbank got more than 18.2bn euros of state aid to survive the financial crisis and complete a takeover of Dresdner Bank, its troubled rival. |
The rights issue to raise extra funds from shareholders will take place between May and June, the bank said. | The rights issue to raise extra funds from shareholders will take place between May and June, the bank said. |
Analysts welcomed the move, and Commerzbank's shares rose 2% in early trading on Wednesday. | Analysts welcomed the move, and Commerzbank's shares rose 2% in early trading on Wednesday. |
Analysts said that, while the bank's announcement did not come as a surprise, it was good that there was now a set time frame to start re-paying the money. | Analysts said that, while the bank's announcement did not come as a surprise, it was good that there was now a set time frame to start re-paying the money. |
Previous version
1
Next version