Deals
From Ugly Duckling to En Vogue: Commerzbank Luring Suitors
- UniCredit is said to have held talks with German officials
- European banks desperate for growth after years of cleaning up
The Commerzbank AG logo sits on the bank's headquarters in Frankfurt.
Photographer: Krisztian Bocsi/BloombergThis article is for subscribers only.
Commerzbank AG may not be your first pick if you’re looking to expand in European banking. Bailed out by the government in 2009, it’s still struggling to make money in Germany’s notoriously cut-throat consumer market.
Yet the Frankfurt-based company, weighed down by bad shipping loans and in the process of cutting thousands of jobs, is suddenly attracting suitors from across Europe and beyond. UniCredit SpA and BNP Paribas SA are said to have been in touch with the German government to indicate interest in the lender. Cerberus Capital disclosed owning a 5 percent stake in July, making the U.S. buyout firm the second-biggest shareholder.