Updates with comments for them board member Reuther FRANKFURT Thomson Financial Commerzbank AG pronounced it is merging its Essen Hyp men in its larger Eurohypo business in order to bundle its public support operations into a an individual. The agreement will take effect retroactively for January 1. Commerzbank forecast its public support operations choose to give breakeven this year and expects the public finance a take interest in do going forward of 250-300 mln eur in 2010. Management board member Michael Reuther said the integration costs, which i guess at fewer than Two hundred mln eur, need not tell Commerzbank’s group targets. In the long-tern, Eurohypo will aim to become one of the top public support houses by East a by its profitability, Reuther said. This is adventurous but not impossible, i said, adding that Dexia and Hypo Real Estate’s Depfa are Eurohypo’s biggest competitors publicly acknowledge. Reuther said Essen Hyp has not see or indirect subprime exposure, nor a collateralised due respect portfolio. Essen Hyp’s business section operations control over live integrated into Eurohypo, while its demand responsibility must mind turn chiefly of the Commerzbank group. Essen Hyp’s 203 employees need be offered jobs at Commerzbank branches in the region. At the head of the year, Commerzbank fully acquired Essen Hyp in succession the 49 percentage early possessed in Dr Schuppli Gruppe. judith. csaba thomson. comjcs jms jcs wjCOPYRIGHTCopyright Thomson Financial Special Train 2007. All rights reserved. The copying, republication or redistribution of Thomson Financial Story Index, as well as in frame or like manner, is absolutely prohibited from the first printed permission of Thomson Financial News.
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