The German government intends to reduce its stake in Commerzbank AG (CBKG.DE), it said on Tuesday, after entering in 2008 and 2009 amid a banking crisis.
"The bank's economic situation has steadily improved since 2021. The federal government is responding to this positive development by reducing its stake in Commerzbank and beginning the exit," said Eva Grunwald, managing director of the finance agency.
The state, which holds a 16.49% stake in the German firm through its national bank rescue fund, did not specify by how much it would reduce its stake in the bank.
An interministerial committee will decide on further steps in due course, according to the statement.
Commerzbank were down 3.2% on the news.
Germany increased its stake in the lender to 16.5% earlier this year, despite the fact that it was loss-making for the government.
