Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  Equities  >  Xetra  >  Commerzbank    CBK   DE000CBK1001

COMMERZBANK (CBK)
Mes dernières consult.
Most popular
  Report  
SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsofficial PublicationsSector newsTweets

Commerzbank : German prosecutors raid Commerzbank in tax evasion probe

share with twitter share with LinkedIn share with facebook
share via e-mail
0
11/10/2017 | 05:33pm CEST
FILE PHOTO: A Commerzbank logo is pictured on the side of a building in Frankfurt

FRANKFURT (Reuters) - Germany's Commerzbank has become the target of a tax evasion probe in which several current and former managers are suspected of evading 40 million euros (35.59 million pounds) in taxes via so-called dividend stripping.

Prosecutors said on Friday they had searched the offices of a major Frankfurt bank and private homes this week.

The bank involved was Commerzbank, according to a person familiar with the matter who was speaking on condition of anonymity.

Commerzbank, Germany's second-biggest lender, said it was cooperating with authorities.

Dividend stripping, also known as "cum-ex" transactions, involved buying a stock just before losing rights to a dividend, then selling it, taking advantage of a now-closed legal loophole that allowed both buyer and seller to claim tax credits.

Frankfurt prosecutors, together with federal crime police and tax officials, conducted the Commerzbank searches on Tuesday. They included the offices of the bank as well as the flats of three suspects in Frankfurt and nearby Hanau.

The legal news agency Juve first reported the news.

Investigations into the use of such schemes by a number of banks in Germany have been going on for several years. The practice may have cost the state billions of euros in tax over many years.

Last year, Portigon Financial Services <WDLGge.F>, formed from parts of failed German lender WestLB, was searched by prosecutors as part of a probe into allegations that WestLB may have been involved in cum-ex trades..

Last month, prosecutors raided the Frankfurt offices of law firm Freshfields Bruckhaus Deringer in relation to a former client's cum-ex transactions. A number of banks have already paid hundreds of millions of euros in back taxes and tens of millions to settle disputes with German authorities.

Last year, German financial watchdog BaFin closed the German operations of Maple Bank due to over-indebtedness relating to the tax evasion investigations.

The Commerzbank investigation focuses on five current and former employees aged between 51 and 63, as well as unknown individuals suspected of involvement in the scheme to evade 40 million euros of taxes from 2006 to 2010, prosecutors said.

The investigation also extends to unknown individuals and trades in 2008 at Dresdner Bank, which was taken over by Commerzbank in 2009. Prosecutors said the volume of those trades was more than 10 billion euros, with a further 75 million euros in evaded taxes.

In a statement on Friday, Commerzbank said it had identified cum-ex trades at Dresdner Bank that it halted upon the 2009 takeover. Commerzbank also said it conducted a voluntary investigation at the end of 2015 into all trades between 2003 and 2011 that "revealed that there were cum-ex trades at Commerzbank."

Commerzbank said it proactively notified the authorities with the preliminary results of that investigation and is cooperating fully.

Shares of Commerzbank dipped on the news midafternoon, but recovered somewhat to trade 0.7 percent lower at 1613 GMT.

(Reporting by Maria Sheahan, Tom Sims and Hans Seidenstuecker; Editing by Douglas Busvine and Adrian Croft)

By Tom Sims and Hans Seidenstuecker

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on COMMERZBANK
04/20IBM-First Pilot Client Transactions Successfully Executed on Batavia Global T..
AQ
04/20COMMERZBANK : #18-684 Listing of Knock out warrants issued by Commerzbank AG
AQ
04/20COMMERZBANK : #18-683 Listing of Turbo warrants issued by Commerzbank AG
AQ
04/19COMMERZBANK : #18-674 Listing of Knock out warrants issued by Commerzbank AG
AQ
04/19COMMERZBANK : #18-673 Listing of Turbo warrants issued by Commerzbank AG
AQ
04/19COMMERZBANK : First pilot client transactions successfully executed on Batavia g..
PU
04/19COMMERZBANK AKTIENGESELLSCHAFT : Release according to Article 40, Section 1 of t..
EQ
04/18Shareholder group VEB plans lawsuit against three banks over Steinhoff - FT
RE
04/18COMMERZBANK : #18-661 Listing of Knock out warrant issued by Commerzbank AG
AQ
04/18COMMERZBANK : #18-660 Listing of Knock out warrants issued by Commerzbank AG
AQ
More news
News from SeekingAlpha
04/16Credit Suisse initiates coverage on Commerzbank 
02/28Goldman and SocGen looking to buy Commerzbank's ETF business 
02/25Commerzbank AG Is A Great Takeover Target 
02/25THE NEST EGG PORTFOLIO : Why I Don't Agree With This REIT's Newest Purchase 
02/16COMMERZBANK : A Takeover Target With Improving Fundamentals 
Financials (€)
Sales 2018 8 819 M
EBIT 2018 1 518 M
Net income 2018 911 M
Debt 2018 -
Yield 2018 1,41%
P/E ratio 2018 14,99
P/E ratio 2019 11,10
Capi. / Sales 2018 1,53x
Capi. / Sales 2019 1,49x
Capitalization 13 523 M
Chart COMMERZBANK
Duration : Period :
Commerzbank Technical Analysis Chart | CBK | DE000CBK1001 | 4-Traders
Technical analysis trends COMMERZBANK
Short TermMid-TermLong Term
TrendsBearishBearishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 26
Average target price 11,6 €
Spread / Average Target 7,0%
EPS Revisions
Managers
NameTitle
Martin Zielke Chairman-Management Board
Klaus-Peter Müller Chairman-Supervisory Board
Frank Annuscheit Chief Operating Officer
Stephan Engels Chief Financial Officer
Uwe Tschäge Vice Chairman-Supervisory Board
Sector and Competitors
1st jan.Capitalization (M$)
COMMERZBANK-13.65%16 615
JP MORGAN CHASE & COMPANY4.24%372 827
INDUSTRIAL AND COMMERCIAL BANK OF CHINA-4.52%329 959
BANK OF AMERICA2.51%302 496
CHINA CONSTRUCTION BANK CORPORATION-3.52%276 574
WELLS FARGO-13.37%245 706