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Commerzbank pays back state

Commerzbank moved to reduce its dependence on the German state as chief executive Martin Blessing said the bank decided to pay back state guaratnees immediately. The German state took a 25 per cent stake in the country's second largest bank in January as a way to stabilise Commerzbank during the credit crisis. Commerzbank said it would would repay guarantees and move to pay back an equity stake by 2012 at the latest.<br />&ldquo;We aim to end payments as soon as possible," Blessing said.