Commerzbank CEO on independence of bank, RBS cancels B shares

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The chief executive of Commerzbank said Germany's second largest lender should not remain independent at all costs, a German newspaper reported.

Reuters reports that Martin Blessing was quoted by weekly Welt am Sonntag in an interview published on Sunday: 'To me, autonomy is no end in itself. I want our employees to have the feeling that they can do something meaningful for the economy'.

That marks a shift in emphasis by the CEO, who told daily Handelsblatt in August that he expected the Frankfurt-based bank to be still independent when it celebrates its 150-year anniversary in 2020.

Commerzbank CEO says independence no end in itself

In the meantime, The Telegraph reports that Ross McEwan, the new chief executive of the Royal Bank of Scotland, is in advanced discussions with the Treasury about the cancellation of a special class of shares to help give the bank a more normal capital structure.

It is understood that McEwan, who took over the running of the bank on October 1, has held a series of discussions over the cancellation of the bank's 'B' shares.

One wag told Here Is The City: 'I wish I'd sold my 'B' shares in RBS in 20o8 while I had the chance!'.

RBS in talks to cancel 'B' shares

image: © Valerie Everett

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