Commerzbank Board of Managing Directors stops project for outsourcing securities settlement - Exceptional write-off of around €200 million necessary

Today, Commerzbank's Board of Managing Directors decided to end the project for outsourcing securities settlement to HSBC Transaction Services GmbH with immediate effect. The reasons for the decision are technical implementation risks and changed market conditions. Due to the project stop, the Bank is anticipating an exceptional write-off of around €200 million in the second quarter of 2021. The exceptional write-off will not impact the liquidity or the Common Equity Tier 1 (CET1) capital of the Bank. Furthermore, provisions in the double-digit millions will be set aside. This year's cost target of €6.5 billion remains valid in operational terms. However, the expenses for the exceptional write-off come in addition.


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