德国商业银行.doc

Commerzbank德国商业银行 Das slog步履维艰 COMMERZBANKS marketing materials show a woman running in a grey, hooded jumper, headphones in her ears. Her eyes are locked on the path ahead in determination to finish her workout. This is probably meant to flatter the banks customers as gritty and hard-working. But it is a better metaphor for the bank itself. It is on a long, hard road back to health, a journey that exemplifies the painful reshaping of Europes troubled banking system to be smaller, safer and more domestic. 德国商业银行的营销材料上画着一名女子，身穿灰色衣服跑步，带着连衣帽，耳朵里塞着耳机。眼神坚毅，死死盯着前方的路，志在完成自己的锻炼计划。这可能是在讨好自己的客户，暗指他们都是坚韧不拔，工作勤奋。但是这个隐喻或许更贴合银行自身的实际。德国商业银行离回到良性发展还有很长的路。这是欧洲陷入危机的银行体系转向更小，更安全和更本土化的痛苦转型的很好的例证。 Commerzbanks initial trajectory through the crisis resembles that of another European lender, Britains Lloyds Banking Group (LBG). Like LBG, it was a big bank but not the biggest in the country—Deutsche Bank is Germanys colossus. Like Lloyds, it undertook a disastrous domestic transaction at the worst possible time, buying Dresdner Bank in the summer of 2008 just weeks before LBG gobbled up HBOS. And like the British bank, it quickly ended up tapping state coffers to survive. 德国商业银行度过危机的初始轨迹很想另一家欧洲银行，英国的劳埃德斯银行集团。跟劳埃德斯一样，德国商业银行是本国的一家大型银行，但却不是最大的，德国最大的银行是德意志银行。德国商业银行同样经历了一次灾难性的国内收购。它在2008年夏天买下了德累斯顿银行，这是在劳埃德斯吞并苏格兰哈利法斯克银行几周之后。同样的，很快以向国库求救自保结束。 The parallels between the two are less obvious now. LBGs shares have risen by 33% in the past three months, and by 133% in the past year. The banks share price hovers just below the price the British government paid to buy its 39% stake, which will soon be sold. Things look far less fizzy at Commerzbank. At the time of the rescue deal the banks boss, Martin Blessing, declared that state ownership should last a maximum of 36 months. More than four years on, its shares still lag the broader index of European banks; its price-to-book ratio is one of the lowest on the continent (see chart). Its 2012 net profit came in at a mere 6m euros(7.7m dollars). 两者现在的处境有所不