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MBank sale unlikely to take place in 2019, Commerzbank CFO says

Commerzbank AG CFO Stephan Engels said the German lender is unlikely to sell Polish subsidiary mBank SA in 2019, describing the assumption as "overly ambitious," news agency PAP reported Sept. 27.

Engels said the bank's approach to the sale process will have to be flexible while signaling that the sale could take place within two years. The executive also stressed that there is "no lack of demand" for the Polish unit.

His comments came after Commerzbank unveiled its new strategy, under which it plans to sell a majority stake in mBank. Engels said Commerzbank would probably keep mBank's Swiss franc mortgage portfolio as part of its planned Polish exit.

Commerzbank owned 69.31% of mBank as of June-end.