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No talk of resuming dividends before 2019, Commerzbank CFO says

CommerzbankAG will not consider restarting its until it completes the bulk ofits recently announced restructuring, slated for 2019, CFO Stephan Engels saidSept. 30.

Some 9,600 jobs will be cut as part of the restructuring,although 2,300 will be added in growth operations. 2017 and 2018 will be"the two main restructuring years," Engels said in an interview withBloomberg Television. "When we finish those three years, it is the rightmoment to discuss" a resumption of dividends, he added.

The bank is reorganizing its business units into twodivisions — private and small-business customers, and corporate clients. Itwill downsize its investment banking activities, with CEO Martin Zielke sayingat a Sept. 30 press conference that the equity-market operation will beseparated and sold in "whatever form," according to Bloomberg News.

The bank said the same day that it aims to add a net 2million German customers by 2020 within the private and small-businesscustomers unit. In corporate banking, it aims to expand in trade financing,saying it will target "the most important trade corridors for German andEuropean clients."

Some €700 million a year will be invested into digitizationand IT, by reallocating existing spending.

The moves will reduce Commerzbank to a size no greater thanwhat it was in 2008, when it acquired Dresdner Bank, Bloomberg noted.