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Dresdner acquisition was right choice, says Commerzbank boss
COMMERZBANK chief executive Martin Blessing has defended his firm’s decision to acquire Dresdner Bank for €5bn (£4.4bn) at the height of the financial crisis last year.
The bank has faced criticism from some shareholders for pushing through the transaction amid such volatile conditions.
But Blessing said: “We have taken the right decision and I am pleased that we are implementing it despite the difficult environment.”
The bank, which has made about 1,800 of a planned 9,000 job cuts, is predicted to return to profit as early as next year.
Commerzbank took €18.2bn in state bailout money following the transaction, handing over a 25 per cent stake to the government and disposing of assets in return.