DGAP-News: Commerzbank to integrate Deutsche Schiffsbank
(firmenpresse) - DGAP-News: Commerzbank AG / Key word(s): Acquisition/Strategic Company
Decision
Commerzbank to integrate Deutsche Schiffsbank
23.03.2011 / 09:09
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Commerzbank to integrate Deutsche Schiffsbank
- Customers benefit from a broad product portfolio
- Stefan Otto to become Chairman of the Board of Managing Directors of
Deutsche Schiffsbank
- Werner Weimann to work with Deutsche Schiffsbank as a consultant
- Klösges: 'Ship finance is part of our core business'
Commerzbank AG plans to integrate Deutsche Schiffsbank, one of the world's
leading ship financiers. It intends to merge the Hamburg-based Deutsche
Schiffsbank into Commerzbank AG. Deutsche Schiffsbank's business model will
not be affected by the integration. Customers will continue to be advised
from Hamburg and the bank's presence in its core markets will also remain
unchanged. Jochen Klösges, the member of the Commerzbank Board of Managing
Directors responsible for ship finance in the Asset Based Finance segment,
said: 'Deutsche Schiffsbank continues to serve its customers as a reliable
and strong financing partner with a broad range of products and efficient
infrastructure. Ship finance is part of our core business and the
integration is the logical next step following the successful
reorganization of Deutsche Schiffsbank.' In the last two years, Deutsche
Schiffsbank has integrated the credit portfolios and ship finance
activities of Deutsche Schiffsbank, Commerzbank and Dresdner Bank. In 2010,
Deutsche Schiffsbank optimized its credit portfolio and reduced risk
provisions. It has assisted its customers with new commercial shipping
projects.
On October 1, 2009, Stefan Otto (39) left his managerial role at
Commerzbank's Mittelstandsbank to become Executive Vice President at
Deutsche Schiffsbank, where he currently heads the departments
international markets, debt capital markets&transaction management,
treasury and corporate development. The Supervisory Board of Deutsche
Schiffsbank appointed him to the company's Board of Managing Directors with
effect from April 1, 2011. On July 1, 2011, Stefan Otto will become the
Commerzbank Divisional Board Member responsible for the business area
'Deutsche Schiffsbank'. From that date until the planned merger is
completed, he will also serve as Chairman of the Board of Managing
Directors of Deutsche Schiffsbank AG. Stefan Otto: 'I am very much looking
forward to embarking on new projects with our longstanding customers in
Germany and abroad and being able to offer them the entire range of
Commerzbank's banking services in the process. Beyond this, our focus will
of course remain on actively managing our existing portfolio with a view to
risk reduction.'
Stefan Otto will succeed the current Chairman of the Board of Managing
Directors, Werner Weimann (64), who is retiring as of July 1, 2011. Werner
Weimann joined Commerzbank 35 years ago and has held a number of management
positions within the Group. He was appointed to Deutsche Schiffsbank's
Board of Managing Directors in December 2008. He will continue to work with
the bank as a consultant after his retirement. 'Werner Weimann navigated
Deutsche Schiffsbank through stormy seas and brought it successfully on
course. With Stefan Otto, we have found a proven expert to further develop
our 'Deutsche Schiffsbank' business area. The Supervisory Board of Deutsche
Schiffsbank would like to thank Werner Weimann and wishes Stefan Otto every
success in his new role,' said Jochen Klösges in his function as Chairman
of the Supervisory Board of Deutsche Schiffsbank.
Commerzbank holds 92% of the share capital of Deutsche Schiffsbank and
UniCredit owns the remaining shares. Commerzbank and UniCredit are
currently discussing the implementation. The proposed merger is subject to
this agreement and to the approval of the relevant supervisory authorities.
Press contact:
Deutsche Schiffsbank
Felicia Richter + 49 40 376 99 620
Commerzbank
Nils Happich + 49 69 136 449 86
*****
About Commerzbank
Commerzbank is a leading bank for private and corporate customers in
Germany. With the segments Private Clients, Mittelstandsbank, Corporates&Markets, Central&Eastern Europe as well as Asset Based Finance, the Bank
offers its customers an attractive product portfolio, and is a strong
partner for the export-oriented SME sector in Germany and worldwide. With a
future total of some 1,200 branches, Commerzbank has one of the densest
networks of branches among German private banks. It has above 60 sites in
more than 50 countries and serves approximately 14 million private clients
as well as one million business and corporate clients worldwide. In 2010 it
posted gross revenues of EUR 12.7 billion with some 59,000 employees.
*****
Disclaimer
This release contains statements concerning the expected future business of
Commerzbank, efficiency gains and expected synergies, expected growth
prospects and other opportunities for an increase in value of the company
as well as expected future net income per share, restructuring costs and
other financial developments and information. These forward-looking
statements are based on management's current expectations, estimates and
projections. They are subject to a number of assumptions and involve known
and unknown risks, uncertainties and other factors that may cause actual
results and developments to differ materially from any future results and
developments expressed or implied by such forward-looking statements.
Commerzbank has no obligation to periodically update or release any
revisions to the forward-looking statements contained in this release to
reflect events or circumstances after the date of this release.
End of Corporate News
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23.03.2011 Dissemination of a Corporate News, transmitted by DGAP - a
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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
Listed: Regulierter Markt in Berlin, Düsseldorf, Frankfurt (Prime
Standard), Hamburg, Hannover, München, SIX, Stuttgart;
Terminbörse EUREX; London
End of News DGAP News-Service
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116515 23.03.2011
Datum: 23.03.2011 - 09:09 Uhr
Sprache: Deutsch
News-ID 33549
Anzahl Zeichen: 0
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Kategorie:
Business News
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