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
SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector 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 CET
FILE PHOTO: A Commerzbank logo is pictured on the side of a building in Frankfurt

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
11/18 COMMERZBANK : Trustbank and Commerzbank agree on cooperation
11/17 BNP damps down Commerzbank tie-up talk, says just friends
11/17 EXCLUSIVE : Germany's top banks step up efforts to offload toxic shipping debt
11/17 COMMERZBANK : Exclusive - Germany's top banks step up efforts to offload toxic s..
11/16 COMMERZBANK : #17-1078 Listing of Turbo warrants issued by Commerzbank AG
11/16 COMMERZBANK : #17-550 Listing of Turbo warrants issued by Commerzbank AG
11/16 COMMERZBANK : #17-549 Listing of Knock out warrants issued by Commerzbank AG
11/16 DEUTSCHE BANK : Cerberus stake in Deutsche fuels rumours of Commerzbank deal
11/15DJDEUTSCHE BANK : Cerberus Holds 3% Stake in Bank
11/15 COMMERZBANK : #17-52 Listing of Knock out warrants issued by Commerzbank AG
More news
News from SeekingAlpha
11/15 Cerberus becomes Deutsche's 4th-largest shareholder
11/13 EDITORS' PICKS DAILY : Is Downsizing A Fad?
11/10 COMMERZBANK TAKEOVER DRUMS : A Bet That Makes Sense
11/09 Commerzbank AG reports Q3 results
11/09 Commerzbank (CRZBF) Q3 2017 Results - Earnings Call Transcript
Financials (€)
Sales 2017 8 878 M
EBIT 2017 1 610 M
Net income 2017 151 M
Debt 2017 -
Yield 2017 -
P/E ratio 2017 84,17
P/E ratio 2018 17,23
Capi. / Sales 2017 1,71x
Capi. / Sales 2018 1,71x
Capitalization 15 179 M
Chart COMMERZBANK
Duration : Period :
Commerzbank Technical Analysis Chart | CBK | DE000CBK1001 | 4-Traders
Technical analysis trends COMMERZBANK
Short TermMid-TermLong Term
TrendsNeutralBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 24
Average target price 10,6 €
Spread / Average Target -13%
EPS Revisions
Managers
NameTitle
Martin Zielke Chief Executive Officer
Klaus-Peter Müller Chairman-Supervisory Board
Frank Annuscheit Chief Operating Officer
Stephan Engels Chief Financial Officer
Uwe Tschäge Deputy Chairman-Supervisory Board
Sector and Competitors
1st jan.Capitalization (M$)
COMMERZBANK67.26%17 892
JP MORGAN CHASE & COMPANY13.73%340 519
INDUSTRIAL AND COMMRCL BANK OF CHINA LTD34.01%314 244
BANK OF AMERICA20.45%277 663
WELLS FARGO-1.74%266 844
CHINA CONSTRUCTION BANK CORPORATION25.74%235 330