Commerzbank to Raise 5.3 Billion Euros to Help Repay State Aid

May 22 (Bloomberg) -- Commerzbank AG, Germany’s second- biggest bank, plans to raise about 5.3 billion euros ($7.5 billion) selling new shares to help repay state aid.

Commerzbank will sell 2.44 billion new shares at 2.18 euros apiece, the Frankfurt-based bank said today in a statement. Shareholders will be allowed to subscribe to 10 new shares for every 11 already held from May 24 to June 6, the company said. New shares are expected to trade on June 7.

Insurers May Owe More Than $1 Billion in Unpaid Policy Benefits

Florida Insurance Commissioner Kevin McCarty, who made the estimate, said it was a “conservative number,” in a conference with reporters during a break in a hearing today in Tallahassee. Officials from MetLife Inc., the largest U.S. life insurer, and Nationwide Mutual Insurance Co., the policyholder-owned insurer, were subpoenaed to appear at a hearing by the Florida Office of Insurance Regulation to explain how they determine when policyholders have died.