Commerzbank Seeks Wealth Fund Investor in Asia, Mideast
- CEO has approached funds about holding of up to 9.9%
- Germany, bank’s biggest shareholder, is looking to fix budget
A Commerzbank AG branch in Frankfurt, Germany.
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Commerzbank AG is talking to sovereign wealth funds about becoming an anchor investor to shore up its defenses against any opportunistic takeover bid and preserve its independence, people familiar with the matter said.
Commerzbank Chief Executive Officer Manfred Knof has approached state-backed funds from Asia and the Middle East in recent weeks to gauge their interest in buying a stake of up to 9.9%, said the people. The bank sees an opportunity to speak with investors as it has recently unveiled a new strategy and its share price is up, they said.