News 

Management Board and Supervisory Board of comdirect voice opinion about Commerzbank offer

“The Management Board and the Supervisory Board believe that the amount of the offer price is adequate” reports financefeeds.com. The Management Board and the Supervisory Board of comdirect bank today published their Joint Reasoned Statement on the public takeover offer made by Commerzbank to the shareholders of comdirect.The Management Board and the Supervisory Board can comprehend some of the strategic motives of the bidder.The Management Board and the Supervisory Board acknowledge that the Offer provides to short-term oriented comdirect shareholders the opportunity of a quick and safe realisation of value and recommend…

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German bank regulator tells banks cutting fat is not enough, magazine reports

“No large bank mergers including a German bank have taken place in the recent past” writes Midwest Communications Inc for 95kqds.com. BERLIN (Reuters) – The head of German financial regulator BaFin called on banks to restructure amid challenges from a weakening economy and persistently low interest rates, the German business magazine Wirtschaftswoche reported on Thursday.Merger talks between Deutsche Bank Since then, Deutsche Bank has announced a restructuring that will eliminate 18,000 jobs.BaFin is not opposed to large tie-ups among banks, including cross-border mergers, Hufeld said, although he added that the…

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Crypto News Platforms 

Deutsche Boerse, Commerzbank Complete Blockchain PoC for Legally Binding Repo Transaction

“German financial services company Commerzbank and securities marketplace Deutsche Boerse have completed a proof-of-concept (PoC) for a legally binding repo transaction using distributed ledger technology (DLT)” writes Marie Huillet for cointelegraph.com. As Cointelegraph Deutschland reports, to settle the transaction, Commerzbank and Deutsche Boerse generated digital tokens for both commercial bank money and securities. Last month, Commerbank conducted a pilot for money market security transaction using a Corda-based platform, in partnership with major technology firms Continental and Siemens.While Commerzbank’s R&D unit “Main Incubator” developed the DLT platform, the full scope of…

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Crypto Markets News Platforms 

Commerzbank, Siemens and Continental Complete Blockchain Money Market Pilot

“German banking and financial services company Commerzbank and technology companies Continental and Siemens have jointly conducted a money market security transaction pilot using blockchain technology” writes Ana Alexandre for cointelegraph.com. The aforementioned parties “for the first time” conducted a blockchain-based money market security transaction worth 100,000 euro ($113,340) within a pilot project in January, where Continental acted as the issuer of the security, Commerzbank provided R3’s Corda-based blockchain platform, while Siemens subscribed to the money market security as an investor.Money market securities are short-terms assets that serve for financing companies…

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Deutsche Bank May Be Forced to Merge with Commerzbank

“A Bloomberg report published this Thursday indicates that Deutsche Bank may be forced to merge with rival firm Commerzbank” writes David Kimberley for financemagnates.com. In November, dramatic images, at least for the banking world, emerged of police cars parked outside Deutsche Bank’s Frankfurt headquarters.The news comes after a dismal few years for the German banking giant.Most recently, the firm is alleged to have acted as the main correspondent bank for Danske Bank’s Estonian division. Source: financemagnates.com

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Deutsche Bank sees merger with rival Commerzbank by mid-year if all else fails: Bloomberg

“Banners of Deutsche Bank and Commerzbank are pictured in front of a trader at the stock exchange in Frankfurt Thomson Reuters FRANKFURT (Reuters) – Deutsche Bank is expecting a government-brokered merger with rival Commerzbank by mid-year if efforts to restructure the lender fall short of targets, Bloomberg reported on Thursday” reports businessinsider.com. Citing people briefed on executives’ thinking, the report said that a such deal may become the only option if the bank’s performance does not improve in the first three months of 2019.Merger speculation has heated up under Germany’s…

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Deutsche Bank shares surge on report Germany plans to fix bank’s problems with merger

“Shares of Deutsche Bank surged Wednesday after Bloomberg News reported the German government plans to push for a merger to save the struggling bank” writes unknown author for cnbc.com. Bloomberg, citing people familiar with the matter, reported Germany plans on working on a merger between Deutsche Bank and Commerzbank.Deutsche Bank has had a tumultuous 2018, with its shares falling more than 53 percent as it failed to revive revenue growth.The report also said the government could look to change its tax law to help the merger go through. Source: cnbc.com

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Brokers News 

Commerzbank AG Fined $12 Million for Swap Dealing Violations

“Commerzbank has been registered with the CFTC as a Swap Dealer since the end of 2012” writes Celeste Skinner for financemagnates.com. Commerzbank itself will also have to submit annual reports to the CFTC. These will also be regarding swap dealer compliance and the firm’s remedial efforts.As a result, in addition to the fine, the Order requires Commerzbank to retain an outside consultant who will review the firm’s swap dealer compliance for two years. Source: financemagnates.com

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Commerzbank earnings decline, backs 2018 outlook

“The German bank’s net profit fell to 218 million euros ($249.76 million) from EUR467 million, while revenue declined to EUR2.19 billion from EUR2.51 billion” writes Sarah Sloat for marketwatch.com. Analysts had expected a net profit of EUR202 million and revenue of EUR2.18 billion, according to a consensus forecast provided by FactSet.Commerzbank AG (CBK.XE) said Thursday its earnings declined in the third quarter, in part due to extraordinary gains that were booked in the same period a year earlier. As previously reported, the bank plans to resume dividend payments of 20…

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USD/JPY hits a six-day high as sentiment improves on German banking tie-up talk, data

“Speigel reports that Deutsche Bank and Commerzbank are increasingly open to the idea of a merger as a cure to their respective struggles” reports forexlive.com. The JOLTS data and earlier NFIB survey are surely reasons to be optimistic about the US economy and we’ve gotten through another day without a full blown US-China trade war.ForexLive.  Source: forexlive.com

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