Munich Re has doubled its stake in Commerzbank to 10.4%, in a move aimed at profiting from expected consolidation in the German banking sector.
The chief spokesman for the Munich-based company, Rainer Kueppers, said: "One has to see in German retail banking there's a consolidation process, and in this regard, we are now in a position to observe the further development with and around Commerzbank."
Munich Re disclosed the shareholding ahead of a tightening of German securities laws in April. It did not say what it paid but added that it had doubled the stake over a period of several months at a very reasonable price.
The 10.4% stake moves Munich Re past Italy's Assicurazioni Generali as Commerzbank's largest shareholder.
The stake represents about 0.7% of Munich Re's total of around €150bn (£92bn) in assets, Kueppers said.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
