FRANKFURT May 3 Commerzbank aims to
increase its annual revenues by over 1 billion euros ($1.1
billion), possibly with the help of acquisitions, Chief
Executive Martin Zielke said on Wednesday.
"Besides winning 2 million new customers we want to increase
revenues by more than 1 billion euros through organic growth and
- if the price is right - through acquisitions," he told
shareholders gathered for the bank's annual meeting.
Commerzbank has looked at Allianz's regional
private bank Oldenburgische Landesbank (OLB) but has
withdrawn from that auction because integration of the lender
would be very complex, people close to the matter have said.
They said OLB was likely to be bought by buyout group Apollo
In 2016, Commerzbank saw revenues decline by 4 percent to
9.4 billion euros as low interest rates and subdued loan demand
weighed on its business.
Business in the first quarter has been "decent", Zielke
said, declining to specify.
The bank is due to publish financial results for the first
three months of 2017 on Tuesday.
($1 = 0.9162 euros)
(Reporting by Alexander Hübner and Arno Schuetze; Editing by