Commerzbank Steps Up Plan to Pass on Negative Interest Rates
- Bank again cuts targets because of negative rates, taxation
- Lender examining second core division with smaller clients
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Commerzbank AG is intensifying efforts to charge clients for keeping deposits at the lender to ease the pain of negative interest rates.
Germany’s second-biggest publicly listed bank has been passing on negative interest rates to corporate clients for some time, Chief Financial Officer Stephan Engels said Thursday on an analyst call. That effort has now been expanded to a second core division that caters to small businesses and retail clients, he said, adding that the bank doesn’t plan to charge small retail clients.