FRANKFURT (dpa-AFX) - Commerzbank AG (CRZBY.PK) has terminated a sale of its Polish subsidiary mBank SA, saying that a deal doesn't seem feasible at reasonable terms due to the coronavirus crisis.
'The current market environment which is marked by the corona crisis, does not allow for an attractive valuation in line with the underlying value of mBank,' said Bettina Orlopp, Chief Financial Officer of Commerzbank.
Therefore, the German lender noted that it has decided to retain its majority stake of 69.3% in its Polish subsidiary.
Commerzbank said in September 2019 that it planned to sell its majority stake in mBank to significantly reduce risk-weighted assets and to release capital within the Group for a faster implementation of the Commerzbank 5.0 strategy.
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