Commerzbank Agrees With EU to Change Terms of 2009 Bailout

Commerzbank AG (CBK), a German lender rescued following the 2008 financial crisis, reached an agreement with the European Union on restructuring measures related to its bailout, the EU antitrust chief said.

“We have an agreement,” Joaquin Almunia, the EU competition commissioner, told reporters. The details of the restructuring measures will be announced on March 30, he said.

Commerzbank sought EU approval to change the terms of its bailout, which required it to sell Eurohypo by the end of 2014. Germany’s second-biggest lender has said a sale of the public- finance and commercial-property lender would be difficult because of concerns over the division’s ability to fund itself.

EU regulators have required banks to sell assets to compensate for the harm to competition caused by large amounts of aid pumped into the industry following the collapse of Lehman Brothers Holdings Inc. (LEHMQ)

Commerzbank spokesman Simon Steiner couldn’t immediately be reached to comment.

To contact the reporter on this story: Aoife White in Brussels at awhite62@bloomberg.net.

To contact the editor responsible for this story: Anthony Aarons at aaarons@bloomberg.net.

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