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Frankfurt / Hannover (APA / Reuters / dpa-AFX) – According to financial circles, the German Commerzbank entered the race for NordLB. The Frankfurt Institute has made a non-binding offer for NordLB, Reuters news agency said on Wednesday. This was reported by the Handelsblatt, citing three people familiar with the subject.
Commerzbank and NordLB declined to comment.
NordLB is in urgent need of capital and has therefore launched a tendering process. NordLB and its managers have been studying for months how to strengthen the capital reserves of the Landesbank and are also studying the possibility of external investors. In early October, a first round of the application process has expired. According to insiders, Helaba and the financial investors Cerberus – mother of the Austrian company BAWAG – and Apollo are also included in the second round of bidding.
Until now, most participants have badumed that this ultimately leads to a public law solution or an entry of financial investors. The Commerzbank offer now leaves a third option on the table.
Commerzbank could increase its market share in personal and commercial banking in Germany by acquiring the Hanoverian bank. This would fit in with CEO Martin Zielke's strategy.
~ ISIN DE000CBK1001 WEB https://www.commerzbank.de/
https://www.nordlb.de/ ~ APA479 2018-10-24 / 16: 34
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