At the Handelsblatt banking summit, the CEO of Commerzbank calls for more political support for medium-sized companies.
(Photo: Marc-Steffen Unger for Handelsblatt)
Frankfurt Commerzbank boss Manfred Knof calls for political pragmatism in the search for new energy suppliers. “In order for the energy transition to succeed at all, we need new partners and more international cooperation,” said Knof at the Handelsblatt Banking Summit in Frankfurt.
He very much welcomes the fact that the Federal Government is holding talks with our partners in Europe, the USA and Canada. “But we also have to be open to new partnerships with countries in North Africa and the Middle East,” says Knof.
In doing so, one would “inevitably” get caught up in a field of conflicting values and be prepared for “political contradictions and conflicting goals”. “If the energy transition is to succeed, we also need cooperation with countries that “do not correspond to our democratic ideals,” emphasized Knof.
When asked which countries he has his eye on, Knof said the Middle East is important as an energy supplier. North Africa will also become an important field “when I think of countries like Morocco and other countries”.
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“What we no longer want is dependence on individuals,” explained Knof, referring to Germany’s dependence on Russian gas supplies. It is always a good strategy to have “a lot of irons” in the fire. “Then we have to jump over one or the other shadow and pursue realpolitik,” says Knof.
With a view to his own institute, Knof was cautiously optimistic despite the looming recession and stuck to the goal of billions in profits in the current year. “We’ve already covered a large part of the distance, so I’m still cautiously optimistic,” he said. “We continue to assume that if this doesn’t lead to a full-scale catastrophe and emergency braking, then of course we can achieve our goals.”
Knof did not want to say how the bank’s business started in the third quarter. However, he emphasized that there was still “positive feedback” from Commerzbank customers.
“All in all, customer business this year has exceeded our expectations, both in private customer and corporate customer business,” says Knof. In the real estate business, which is important for all banks, Knof observes “a slight slowdown in business, but no slump”.
With a view to a possible recession, he said he had “high confidence in the resilience of the German economy and also of companies”. The customers he talks to are concerned and see difficult times ahead.
But there is “no reason at all to panic”. He welcomes the fact that the federal government is also putting together support packages for companies.
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