German bank rescue fund Soffin is to place some €625 mln worth of shares in troubled lender Commerzbank.
German bank rescue fund Soffin is to place some €625 mln worth of shares in troubled lender Commerzbank.
The shares will be offered exclusively to institutional investors and the placement is expected to be completed on 15 May.
The offer forms part of plans that will see Commerzbank repay Soffin the €1.6 bn of bailout money it was granted in 2009.
The remaining portion of Soffin’s participation will be repaid in full following Commerzbank’s recently announced rights issue.
The placement will be conducted by Deutsche Bank, Citi, Commerzbank and HSBC. The four banks are also joint bookrunners of the rights issue.
