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Commerzbank to start repaying state aid

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Commerzbank to start repaying state aid

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Commerzbank has said it will post higher earnings this year and start to repay the 16.4 billion euros bailout money it got from the German government.

In 2010, Germany’s second-biggest lender made a larger than expected net profit of 1.43 billion euros.

It credited the rebounding German economy for lifting profits at its core businesses, including investment banking.

The bank also left fixed pay for staff at around 90 percent as it attempts to attract top talent before a more stringent cap on pay takes effect this year.

Germany imposed a cap on banker pay at Commerzbank after it took a 25 percent stake in the lender and injected 16.4 billion euros in the form of silent participations, a form of non-voting capital contribution