Wednesday, May 11, 2016

ROUNDUP: Commerzbank stops controversial ‘cum Cum’ transactions – FAZ – Frankfurter Allgemeine Zeitung

BERLIN / FRANKFURT (dpa AFX) – Commerzbank & lt; CBK.ETR & gt; move to massive criticism from controversial dividend shops. The Board decided to no longer offer so-called Cum Cum transactions, such as the “Bild” newspaper on Wednesday reported previously. “We are withdrawing from this legal business because it is socially not accepted”, responsible for the capital markets Commerzbank CEO Michael Reuther told the paper.

Even abroad, Commerzbank does not want these transactions more active. 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 avoid paying taxes on dividends from German companies large customers from abroad. Commerzbank is said to have excelled in this case, as several media research showed. 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 approximately 15 percent stake in Commerzbank and represented by two representatives on the supervisory body of the Institute.

Reuther told the “Bild” newspaper, Commerzbank had the claim that “our businesses socially accepted are. 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 want it or not.”

In the Bundestag, the opposition criticized the red-black coalition because of dealing with the Cum-Cum-topic. The refusal of the Budget Committee, to deal in detail with the business is not to rechtfetrigen, the green budget expert Sven-Christian Kindler said the “world”: “it is painful that the CDU, CSU and SPD in committee the elucidation of cum want to block Cum scandal at Commerzbank. ” A transfer in the so-called Financial Market Committee of Parliament was not enough aus./mar/DP/he

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