German lender Commerzbank AG (CRZBY.PK) said Wednesday that it has successfully concluded the capital increase for the full and early repayment of the silent participations of the Financial Market Stabilisation Fund or SoFFin and Allianz.
The bank said that gross total of about 2.5 billion euros was raised during the subscription period. It said that the sum is to be used to redeem the silent participations of SoFFin amounting to about 1.6 billion euros and of Allianz totalling 750 million euros. The Bank said it is thereby undertaking an early repayment of all those elements of the state support which it itself can redeem.
At the same time, SoFFin has reduced its stake in the Bank from 25 % to about 17 % in the course of the transaction.
In the course of the capital increase with subscription rights, Commerzbank issued from May 15, 2013 to May 28, 2013 a total of 555.56 million new shares, fully entitled to dividends as of January 1, 2013.
The subscription price was 4.50 euros per share. 99.7 % of the subscription rights were exercised. The 1.68 million new shares not subscribed, as well as the share fraction of 363,761 new shares for which subscription rights were excluded, were sold in the market.
In the wake of the financial crisis, the Federal Republic of Germany supported Commerzbank in two stages in 2008 and 2009 with silent participations totalling 16.4 billion euros. The Bank had already redeemed 14.3 billion euros thereof in 2011 - plus a one-off payment of just over 1.0 billion euros.
With the upcoming repayment of the remaining sum, the silent participations will be redeemed in full. Consequently, SoFFin's engagement in Commerzbank in the future will only consist of its shareholding.
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