CommerzBank Loaned Detroit Over $400 Million, Faces Steep Losses

Mani

Published onJuly 25, 2013

Updated on May 13, 2021

Germany’s second largest lender, Commerzbank AG (OTCMKTS:CRZBY), loaned over $400 million to Detroit, according to a German daily, Frankfurter Allgemeine Zeitung.

The exposure came through Commerzbank AG (OTCMKTS:CRZBY)’s subsidiary, Eurohypo, which the bank bought in 2005. Eurohypo lent over $400 million to the recently declared-insolvent city.

Detroit a small issue for CommerzBank

Jaime Becerril of J.P. Morgan Cazenove feels the Detroit exposure could be a small issue for the Germany bank. As of the first quarter...

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Mani

Mani is a Senior Financial Consultant. He has worked in Senior Management role in large banking, financial and information technology organizations. He has provided solutions for major banking and securities firms across the globe in the area of retail, corporate and investment banking. He holds MBA (Finance) and Professional Management Accounting Qualifications. His hobbies are tracking global financial developments and watching sports

CommerzBank Loaned Detroit Over $400 Million, Faces Steep Losses

Detroit a small issue for CommerzBank

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