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Commerzbank plans to shutdown physical precious metal business by 2018

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FRANKFURT (Scrap Register): Commerzbank has planned to shutdown its physical precious metal business by next year, which includes refinery services, vaulting and transportation of precious metals, the Reuters reported.

But in its unallocated products business no change is anticipated and Commerzbank isn't having any comments on this matter.

Early this month The Chief Excutive of Commerzbank, Martin Zielke said the German bank is looking forward to boost its profitability after years of meagre earnings and its main aim is to build its annual revenue by over 1 billion euros.

“Both 2017 and 2018 will be years of transition. Our new strategy is aimed at achieving…sustainable profitability. Therefore we will have to invest more than €1bn in restructuring… the challenging environment makes this necessary,” a FT quotes the chief executive, Martin Zielke.

“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 also stated.

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