The German government's plans to reduce its stake in Commerzbank (CBKG.DE) after bailing the bank out during the global financial crisis is a positive signal that business is back to normal, its deputy chairwoman told a banking conference on Wednesday.
The reduction will not be in one step and the government will remain on the bank's supervisory board, Bettina Orlopp, who also serves as chief financial officer, said at the event, hosted by Handelsblatt newspaper in Frankfurt.
Orlopp said there was strong interest in the bank given its share price development, and that any potential anchor investors would need to speak first with the finance ministry, adding that the bank would review all types of interest.
Orlopp did not comment further on the size or timing of the transaction. A raft of investment banks will be lining up to offer the German government advice on the deal, Orlopp said on the sidelines of the conference, adding that there were no talks held in advance of the announcement on Tuesday evening.
