Commerzbank to split Eurohypo
The European Commission has changed Commerzbank’s state aid plan, telling it to wind down non-core assets in Eurohypo, in an acknowledgement of the difficulty lenders face when it comes to selling large assets in current market conditions.
Rather than selling Eurohypo, as agreed under the original plan signed after Commerzbank took 18.2bn of state aid in 2008 and 2009, the business will now be split into core and non-core activities.
This is a recognition that the sale of Eurohypo in this market environment is unrealistic
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