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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Top Stories Most Popular Photos Full Coverage Sitemap Commerzbank to start repaying state aid AFP - Thursday, February 24 Send IM Story Print Commerzbank to start repaying state aid FRANKFURT (AFP) - – Germany's second biggest bank, Commerzbank, said Wednesday it rebounded strongly in 2010 from heavy losses caused by the global financial crisis and pledged to start paying back state aid. The bank suffered badly in the crisis and was kept afloat with government aid of 16.2 billion euros ($22.2 billion) in 2009. "We want to reimbourse a significant part (or) ... at least 10 percent" of those funds this year, chairman Martin Blessing told a press conference. "We remain open to all possibilities," he added. That suggested Commerzbank might begin to pay back the funds without first undertaking a capital increase many thought would be needed. Berlin has raised the pressure on the bank to begin repayment of the aid which saw the government take a holding of 25 percent plus one share in Commerzbank. The bank reported a 2010 net profit of 1.43 billion euros, after a 2009 loss of 4.5 billion euros but according to German accounting standards, which are stricter than international ones, Commerzbank had a net loss of 1.2 billion euros last year. That stemmed from heavy charges on operations at its real-estate and public-sector finance unit Eurohypo, which must be restructured and sold by the end of 2014 in exchange for European Commission approval of the state aid. Because of its German accounting loss, Commerzbank will not pay any tax, an outcome which Blessing said might shock some people given that under international standards, the bank had swung back into profit. He stressed however: "We did not 'rip off' taxpayers ... We plan to make a profit this year according to the German standards and pay interest on the state aid." Meanwhile, the bank's 50,000 staff will receive a bonus of more than 440 million euros. Blessing declined to say how much of that would be paid to workers at its investment bank unit. He said that according to a new pay scheme set up last year, "a large part of the variable (bonus) pay will be blocked for three years," including 50 percent of that paid to investment bank staff. That was meant to make the bonus' coincide with "sustainable success" at the bank, while sending a message of "justice, trust and respect" to staff who had worked hard to get Commerzbank back into the black. For this year, it forecast an operating profit significantly higher than the 2010 figure of 1.4 billion euros but it was unlikely the bank would pay a dividend, Blessing said. After starting the day with sharp gains, Commerzbank shares fell back in afternoon trading to show a loss of 0.61 percent to 6.18 euros while the broader market was off 0.73 percent. To reach its target for an operating profit of more than four billion euros in 2012, the bank is counting on improvements in its retail activities and sustained results in the division that lends to small- and medium-sized enterprises. Commerzbank is also working to squeeze savings out of its takeover of Dresdner Bank at the height of the financial crisis. Recommend Send IM Story Print News Search Top Stories Libya live report US existing-home sales rise above year-ago pace World's coral reefs could be gone by 2050: study Kadhafi loses swathes of east to insurrection Commerzbank to start repaying state aid More Top Stories » ADVERTISEMENT Most Popular Most Viewed Oral sex linked to cancer risk Moody's lowers Japan rating outlook to 'negative' World markets tumble, oil spikes on Libya unrest Libya shockwaves hit Italian businesses Machu Picchu victim of own success: UN More Most Viewed » More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo! Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Entertainment Photos Yahoo! News Network Copyright © 2011 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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