Commerzbank resigns from mBank sale amid coronavirus crisis
Commerzbank will forgo the sale of its Polish unit mBank amid the coronavirus crisis, Commerzbank said in a press statement.
"Under the current market conditions, which are dominated by the coronavirus crisis, the transaction doesn't seem feasible at reasonable terms," Commerzbank said.
"It is clear that we will only sell such a valuable asset as mBank if the terms are right," CFO Bettina Orlopp says as quoted in the statement. "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."
Mid-February Commerzbank officials said they would only sell mBank if the price and transaction structure were right, as Commerzbank's capital situation and consequently negotiating position had improved.