The new chairman of the supervisory board of Commerzbank was initially underestimated by many.
(Photo: dpa)
Frankfurt Commerzbank is working on a new strategy and intends to present it towards the end of the year. “This will show that we can generate a decent return on equity and earn our cost of capital in the coming years,” said Helmut Gottschalk, Chairman of the Supervisory Board, to the Handelsblatt.
It would be the first time since the 2008 financial crisis that Germany’s second-largest private bank has earned its cost of capital. According to the annual report, this amounted to 9.2 percent last year. As part of the current strategy, which runs until the end of 2024, the bank is targeting a return on equity (RoTE) of more than 7.3 percent. Last year it was 4.9 percent.
Because of the emergency merger of Credit Suisse and UBS, Gottschalk sees additional business opportunities in Switzerland for Commerzbank and other foreign institutions. “After all, corporate customers want competition and not to be dependent on one institute.”
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