It also sold $2.37bn of mixed non-performing and performing loans backed by European assets to a group controlled by JPMorgan and Lone Star Funds. It sold the assets at a 3% discount, it said.
'The market believes that Commerzbank is on the right track to reducing non-core assets', said Philipp Haessler, an analyst at Equinet Bank in Frankfurt with a neutral rating on Commerzbank stock. 'When they had their first big non-core asset real estate sales a couple years ago, shares responded positively'.
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