FRANKFURT (dpa-AFX) - Commerzbank shares started the new week on a weak note with a loss of 1.5 percent to 15.31 euros. After Citigroup canceled its buy recommendation, they are threatening to slip out of the consolidation at the high since 2012. Analyst Borja Ramirez Segura has become more skeptical about the earnings development of the Frankfurt-based company from 2025 onwards.

Although a high interest rate level for longer would be good for interest income, in the medium term it would probably also lead to larger capital outflows in Germany with its highly fragmented banking landscape. Ramirez Segura also plays through takeover scenarios. He comes to the conclusion that a purchase of Commerzbank would be earnings-neutral for both Deutsche Bank and Unicredit. In view of the high implementation risks, it is therefore rather unattractive, according to the expert.

In May, Commerzbank shares reached their highest level since February 2012 at EUR 15.825. This put them ahead of both the European banking index and the shares of Deutsche Bank, which had reached highs since 2015 and 2017. At their peak, Commerzbank shares had gained 47% in the current year, while Deutsche Bank shares had gained 37% by April. Meanwhile, the banking index reached a new high since 2015 on Monday with an annual gain of 21%./ag/jha/