Commerzbank shares tank after capital increase
- Published: 13 Mar 2013 at 18.49
- Online news: World
Commerzbank shares plunged Wednesday after Germany's second-largest bank said it would carry out a 2.5-billion-euro ($3.3-billion) capital hike to pay back state bailouts received during the 2008-2009 financial crisis.
Commerzbank, Germany's second-biggest bank, said it will undertake a 2.5-billion-euro ($3.3-billion) capital hike to repay further chunks of a state bailout it received during the 2008-2009 financial crisis.
"Commerzbank is planning an early repayment in full" of about 1.6 billion euros in so-called "silent participations" from the German bank bailout fund SoFFin and a further 750 million euros from insurance giant Allianz, the bank said in a statement.
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