Reuters: Hot Stocks: Commerzbank board to discuss capital hike on Wednesday-report

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Commerzbank board to discuss capital hike on Wednesday-report Mar 13th 2013, 07:06 FRANKFURT, March 13 | Wed Mar 13, 2013 3:06am EDT FRANKFURT, March 13 (Reuters) - The supervisory board of Germany's Commerzbank will discuss a possible capital increase on Wednesday that could see it take advantage of a favourable stock market environment, a German newspaper reported. Daily Handelsblatt on Wednesday cited financial market sources as saying the supervisory board would discuss plans proposed by the executive board. Two sources familiar with the matter told Reuters on Tuesday that Commerzbank had invited banks to pitch to be advisers for a capital increase of up to 10 percent. Such a move could bring proceeds of between 700 million euros and 800 million euros ($911 million-$1.04 billion), Germany's Manager Magazin had reported, citing financial sources. Handelsblatt on Wednesday said its sources "speculated" the size of the share sale could be from 700 million euros to as much as 3 billion euros. Commerzbank declined to comment. Shares in Germany's second-largest lender, which received a state bailout in the 2009 financial crisis, closed 3.1 percent lower on Tuesday. Earlier this year Commerzbank, whose core capital ratio stood at 7.6 percent at the end of 2012, said it would take another two to three years to reach bank regulators' target of 9 percent by 2019. ($1 = 0.7684 euros) (Reporting by Ludwig Burger; Editing by Mark Potter) Link this Share this Digg this Email Reprints

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