Commerzbank to sell more than €4bn of loans linked to Spanish real estate
The Frankfurt-based bank set a March 2 deadline for buyers to submit indicative bids for the remaining property loans in Spain, named “Project Octopus,” said the people, who asked not to be identified because the information is private. Nils Happich, a spokesman for Commerzbank, declined to comment.
Commerzbank, Germany’s second-largest bank, is winding down its real estate financing arm and shipping loans to focus on business and consumer banking after it received an €18.2bn bailout in 2009 from the German government, which now owns a 17% stake.
