withdrawal from disputed stores around dividends from public companies
(Photo: Reuters).
Dusseldorf / Frankfurt the Search Handelsblatt in cooperation with Bayerischer Rundfunk, Washington post and ProPublica had caused a stir: the by the State in the 2008 financial crisis rescued Commerzbank offered for years controversial “Cum Cum” -Aktiengeschäfte, so foreign funds could reduce tax receivables on dividends.
the bank in which the federal government is still involved with about 15 percent , move to massive criticism from the shops. The Board has decided not to offer so-called Cum-Cum-transactions. “We are withdrawing from this legal business because it is socially not accepted”, responsible for the capital markets Commerzbank CEO Michael Reuther told the “Bild” newspaper.
Even abroad would Commerzbank not undertake. Take this into account, “that other banks continue to operate Cum-Cum-business and thus be able to have an advantage.”
About the controversial deal could large foreign clients avoid paying taxes on dividends from German companies , Commerzbank is said to have excelled in this case, as the Handelsblatt research revealed. The Bank had stressed to have complied with applicable laws.
The Treasury Department had designated the practices and announced its intention to examine such transactions in detail as “illegitimate”. The federal government has two representatives on the supervisory body of the Institute present.
Reuther told the newspaper that Commerzbank had the claim that “our businesses are socially accepted. So we very consciously positioned ourselves “The Bank will continue to examine in more detail what products they offering:”. If we recognize that current or planned products and services could pose a problem for the Commerzbank brand, then we must ask ourselves whether we like it or not. “
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