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31 May 2012
Frankfurt am Main, Germany
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20 June 2012
London
Eurohypo to cut lending book to e60bn, focus on 12 nations
Commerzbank's German financier Eurohypo is to reshape commercial real estate strategy in response to the crisis to focus on 12 countries, eliminate activities in 20 others, and cut its balance sheet to e60bn from e79bn by 2012. CEO Frank Pörschke said the bank was profitable in first quarter and should report around e60m in pre-tax earnings. He told a news conference: "Eurohypo will re-align its business and focus rigorously on core, value-adding activities. In this way we are securing long-term stable profits with lower risk profiles."