Commerzbank boss: “We benefited greatly from the interest rate turnaround” | EUROtoday

On Feb 10, 2024

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Business Commerzbank boss

“We benefited greatly from the interest rate turnaround”

Status: 01:43 a.m | Reading time: 2 minutes

The offices at the Commerzbank headquarters are illuminated after sunset on January 16, 2018 in Frankfurt am Main (Hesse). Dark clouds can be seen in the sky. Photo: Arne Dedert/dpa — The headquarters of Commerzbank in Frankfurt
Source: image alliance / Arne Dedert/dpa

Commerzbank boss Manfred Knof is optimistic: He assumes that the objectives set can be achieved. But sooner or later the financial institution should do with out the tailwind from financial coverage. A serious shareholder feedback on his doable contract extension.

WJust a few days earlier than Commerzbank's annual monetary press convention, its CEO Manfred Knof is optimistic that the establishment's medium-term objectives can be achieved. “Of course we benefited greatly from the interest rate turnaround. We will no longer have this tailwind in the next few years,” stated Knof in an interview with WELT am SONNTAG.

Beyond the interest-bearing enterprise, there’s nonetheless “great potential for growth.” The financial institution needs “above all to increase commission income and thus diversify the sources of income.”

Despite the present weak economic system, enterprise with company prospects must also contribute to this. “The current situation is certainly anything but ideal, but German medium-sized businesses are strong and resilient. We don’t expect a wave of bankruptcies,” stated Knof.

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When requested a couple of doable extension of his contract, which doesn’t expire till the start of 2026, Knof didn’t need to make a definitive determination. “I live in the here and now and have a lot of fun with my job. The question of extending the contract does not arise at the moment,” stated the top of Commerzbank.

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There are clear authorized necessities and processes within the financial institution for this. “I believe in our growth strategy and it is my personal ambition to prove that it works and that we can achieve our goals,” Knof continued. The financial institution's technique, introduced final 12 months, already formulated objectives for 2027.

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The Deka fund firm, which is a part of the financial savings financial institution group, was the primary main shareholder to talk out in favor of Knof's long term of workplace. “From today’s perspective, we would welcome it if Manfred Knof continued to lead the bank after 2025,” Deka supervisor Andreas Thomae advised WELT on SUNDAY.

The indisputable fact that Commerzbank is now impartial, comparatively low-risk and worthwhile is primarily due to the administration. According to Thomae, the financial institution's objectives are “ambitious, but not unrealistic.”

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https://www.welt.de/wirtschaft/article250015066/Commerzbank-Chef-Wir-haben-stark-von-der-Zinswende-profitiert.html