In the fourth quarter of 2015, Commerzbank has successfully implemented a new data processing system for financial reporting. The new “Group Finance Architecture” -platform (GFA) ensures the parallel processing of HGB (German GAAP) and IFRS figures as well as a greater data granularity in order to comply with the increased regulatory requirements.
The implementation of this new data processing system leads to permanent changes in methodology and amendments. This requires a one-time restatement of the profit and loss account of the first three quarters of 2015 and the year 2014 according to IAS 8 accounting standards. These figures are preliminary and unaudited. The annual report 2015 is scheduled to be published end of March 2016.
Commerzbank is a leading international commercial bank with branches and offices in more than 50 countries. The core markets of Commerzbank are Germany and Poland. With the business areas Private Customers, Mittelstandsbank, Corporates & Markets and Central & Eastern Europe, its private customers and corporate clients, as well as institutional investors, profit from a comprehensive portfolio of banking and capital market services. Commerzbank finances more than 30 per cent of Germany’s foreign trade and is the unchallenged leader in financing for SMEs. With its subsidiaries comdirect and Poland’s mBank it owns two of the world’s most innovative online banks. With approximately 1,050 branches and more than 90 advisory centres for business customers Commerzbank has one of the densest branch networks among German private banks. In total, Commerzbank boasts more than 16 million private customers, as well as 1 million business and corporate clients. The Bank, which was founded in 1870, is represented at all the world’s major stock exchanges. In 2015, it generated gross revenues of EUR 9.8 billion with 51,300 employees.