Commerzbank posts loss, upbeat on retail

Commerzbank, Germany’s second largest private
sector bank has posted a net loss of €4.5 billion ($6 billion) for
fiscal 2009 compared to a loss of €407 million a year
earlier. 

But the bank said it remained confident about
achieving retail banking growth in 2010.

“We are not where we want to be yet, but we
have reduced risks and made sustainable improvements to our capital
base. 2010 will see a considerable improvement in customer-focused
business,” said Martin Blessing, Commerzbank chief executive.

The bank’s retail unit posted a pre-tax loss
of €1.68 billion in 2009, compared to a pre-tax profit of €5.69
billion in 2008. 

“The bottom line of the whole group will only
be in the black if the development of the economy and the financial
markets will be very positive in 2010,” Blessing added. 

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