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Hesse economy minister says sale of Commerzbank an option

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August 28
9:31 AM 2013

The second largest lender in Germany, Commerzbank, is considering its sale. This was confirmed by Hesse State Economic Minister.

According to Florian Rentsch, "In principle, this could be considered. In Europe, it would depend on the partner." The said statement was given to the daily Handelsblatt when asked about his thoughts if the bank, which is partly owned by the German federal government, would be sold in parts or as a whole.

Rentsch added, "The main thing is for the bank to manage the turnaround, with or without a partner." The Hesse state is where Commerzbank calls home. Rentsch on the other hand is an ally of the Free Democrats party (FDP) Philipp Roesler.

The said remarks, the very first publcly made by a high profile German politician, caused Commerzbank stocks to jump 1.3% at the time when the German blue chip index DAX declined by 0.4% at 0830GMT.

Previously, a news report said that the German government is considering the sale of a 17% stake to a European partner. The German government bailed out the bank at the height of the 2007 financial crisis.

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