As I’ve analyzed before, Commerzbank (CRZBY) is one of the cheapest banks in Europe, but this doesn’t mean Commerzbank is a bargain, given that its low valuation is justified by the bank’s structural issues.
Since the global financial crisis, Commerzbank has been continuously in restructuring mode, and a few days ago, it presented a draft version of its new strategy that is expected to be approved soon by the bank’s management board.
New initiatives to improve the bank’s business failed to impress and Commerzbank’s very low valuation continues to be justified by