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ING - Commerzbank - A Bet That Hasn't Worked Time To Cut Losses
ING Group N.V.
I recommended buying Commerzbank (OTCPK:CRZBF) back in May (article here) as a speculative bet on German consolidation and on the prospect of an improvement in the company's woefully low ROTE.
It's a bet that hasn't worked and the shares have since fallen another 23%, way below the -10% fall in European bank shares overall for the period. P/TNAV, having been 0.4x in May, is now just 0.25x.
After such a fall and on such a low multiple it's tempting to hang on and hope for a turn. But my view is it's