GO
Loading...

Enter multiple symbols separated by commas

Germany talked to UBS about major bank sale: Report

German Finance Minister Wolfgang Schaeuble (AP Photo/Michael Sohn, Pool)
Michael Sohn
German Finance Minister Wolfgang Schaeuble (AP Photo/Michael Sohn, Pool)

Germany met with Swiss Bank UBS to discuss selling the government's stake in Commerzbank, Germany's second-largest lender, a magazine reported on Saturday.

Germany's finance minister Wolfgang Schaeuble spoke to UBS Chairman Axel Weber, German magazine Focus said without citing any sources. Weber is the former head of the Bundesbank, Germany's central bank.

Commerzbank and UBS have declined to comment on the report, while Germany's finance ministry told Focus: "It was always the goal of the federal government to limit the stabilization measures granted in the wake of the financial crisis as closely as possible in time."

(Read More: Bankers beware! This chart says it all)

Germany bailed out Commerzbank during the global financial crisis, buying a 25 percent stake in the lender. In May, Commerzbank raised 2.5 billion euros via a share sale to partly pay back the government. But the country's bailout fund Soffin still owns a 17 percent stake in the lender.

Commerzbank's credit rating was downgraded earlier this year by both Standard and Poor's and Moody's. The bank has been trying to return to profitability and improve it score tier-one ratio by cutting jobs and restructuring businesses.

(Read More: Commerzbank to shed more than 5,000 jobs: Source)

Follow us on Twitter: @CNBCWorld

Contact Europe News

  • CNBC NEWSLETTERS

    Get the best of CNBC in your inbox

    Please choose a subscription

    Please enter a valid email address
    To learn more about how we use your information,
    please read our Privacy Policy.

Europe Video

  • UK polls show race tied

    Who's going to walk into 10 Downing Street as the U.K.'s Prime Minister? Damian Lyons Lowe, CEO of Survation, weighs in with his thoughts on the U.K. party leaders.

  • Europe shares end mostly higher as euro rallies

    European equities closed mostly higher on Wednesday as investors reacted to a slew of earnings reports and new economic data, as the euro rallied against the dollar.

  • UK elections: Who's better for business?

    Ahead of the UK elections, Bill O'Neill, head of the UK investment office at UBS Wealth Management, talks about which UK political party would be better for business, especially with the heated discussion on an EU referendum.