Germany's financial authority has imposed a €1.45 million ($1.54 million) fine on Commerzbank due to the bank's inadequate efforts to prevent money laundering. Commerzbank and its online subsidiary Comdirect Bank, which the bank fully acquired in 2020, had violated their supervisory duties, the Federal Financial Supervisory Authority (Bafin) announced on Monday. "As a result of insufficient supervision, employees violated money laundering obligations by not updating customer data in a timely man
Commerzbank reported that its fiscal 2023 net profit increased by 55% to 2.2 billion euros. Operating result rose by more than 60% to 3.4 billion euros. Fiscal 2023 revenues rose by around 11% to 10.
Five years after Deutsche Bank and Commerzbank aborted an attempt to merge, an uncertain outlook for bank profitability and Germany's need to plug a hole in its budget are rekindling speculation about a potential deal. Germany has said it is looking at all options to raise funds by selling stakes in some of the 100 or more companies it owns. Though a sale of its remaining 15% holding in Commerzbank isn't imminent, Finance Minister Christian Lindner is open to a disposal and ultimately would prefer the government exiting the stake, according to a person familiar with his thinking.