DGAP-News: Annual General Meeting 2010 votes on options for repayment of SoFFin funds
(firmenpresse) - Commerzbank AG / AGM/EGM
19.05.2010 07:33
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Annual General Meeting 2010 votes on options for repayment of SoFFin funds
One of the main topics of today's Annual General Meeting (AGM) of
Commerzbank at the Jahrhunderthalle, Frankfurt am Main-Höchst, will be the
passing of measures providing the Bank with various options for the
repayment of the silent participations (Stille Einlage) held by the
Financial Market Stabilization Fund (SoFFin). Additionally, the AGM will
decide on various further items.
Klaus-Peter Müller, Chairman of the Commerzbank Supervisory Board, said
ahead of the AGM: '2009 was he second difficult year in a row, and not only
for the banking industry. However, despite the crisis in the financial
markets, the Bank has achieved a lot. This is visible not least in the
positive figures for the first quarter 2010 which were announced at the
beginning of the month.'
With regard to both business development and the implementation of the
'Roadmap 2012' the Chairman of the Board of Managing Directors, Martin
Blessing, said: 'In 2009 we laid the basis for a successful start to the
current year. We reduced risks and forged ahead with the integration. As
from June 15 we will be converting all our branches to the new brand,
making the new bank tangible for our customers. This is yet another
important milestone for us, and up to now we have reached all our
milestones for 'Roadmap 2012' - some of them earlier than planned. Last
year was a year of investments and that cost money. That is one side of the
coin. The other side is, in an improved economic environment, we also
initiated a turnaround. The result of the first quarter 2010 shows that
earnings have risen, risk provisions are down and costs are under control.
We have made significant progress towards full profitability, but we must
also state clearly that there is still some distance to be covered to reach
normality. The second quarter has also started well and the presentation of
the figures for the first six months of 2010 will give an outlook for the
year as a whole, but we should not become overconfident.The markets are
fragile and the Group will only remain profitable if the development of
both the economy and financial markets continues to be supportive.'
In line with the recommendations of the Commission of the German Corporate
Governance Code (Regierungskommission Deutscher Corporate Governance
Kodex), the agenda also tables a non-binding vote by shareholders on the
remuneration system for the Board of Managing Directors. Commenting, Müller
said: 'The originally with SoFFin agreed upon remuneration cap remains
valid for 2010 as well according to a decision taken by the Supervisory
Board: If the coupon on the SoFFin silent participations for 2010 is not
being serviced in full, the total remuneration of the individual members of
the Board is limited to EUR500,000 each, as in 2008 and 2009. I assume that
the Supervisory Board will decide on a respective rule to be applied for
the time after 2010.'
The Bank closed the first quarter of 2010 with an operating profit of
EUR771m. The core bank was profitable and so it is to be assumed for the
full year as well. We expect the Groupto be back in profit by 2011 at the
latest. For 2012 the Bank expects a positive operating income of more than
EUR4bn. By then at the latest the repayment of the SoFFin silent
participiations will begin.
The agenda and other documentation for the AGM, as well as a link to a live
broadcast of the speeches of the Chairman of the Supervisory Board and the
Chairman of the Board of Managing Directors, can be found at
www.commerzbank.com/agm.
Contact:
Commerzbank AG
Group Communications
Tel.: +49 69 136 - 22830
mediarelations(at)commerzbank.com
19.05.2010 07:33 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Medienarchiv atwww.dgap-medientreff.deandwww.dgap.de---------------------------------------------------------------------------
Language: English
Company: Commerzbank AG
Kaiserplatz
60261 Frankfurt am Main
Deutschland
Phone: +49 (069) 136 20
Fax: -
E-mail: ir(at)commerzbank.com
Internet: www.commerzbank.de
ISIN: DE0008032004
WKN: 803200
Indices: DAX, CDAX, HDAX, PRIMEALL
Listed: Regulierter Markt in Berlin, Frankfurt (Prime Standard),
Düsseldorf, München, Hannover, Stuttgart, Hamburg;
Terminbörse EUREX; Foreign Exchange(s) London, SIX
End of News DGAP News-Service
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Datum: 19.05.2010 - 07:33 Uhr
Sprache: Deutsch
News-ID 21104
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