30/10/2012
Commerzbank has completed the sale of its stake of approximately 96 % in Ukraine's Bank Forum to Ukrainian Smart Group. The regulatory authorities have approved the transaction.
As already announced in July 2012 in the course of the signing of the sale and purchase agreement, the completion of the sale of Bank Forum leads to an extraordinary charge in Commerzbank¿s profit and loss statement in the fourth quarter of 2012. The charge results from the cumulative currency effects and amounts to approximately minus EUR 200 million. This does not affect the equity capital of the Bank, since the cumulative currency effects have already been accounted for as charge against the equity in the currency translation reserve in the past. Because of the related reduction of the risk weighted assets, the transaction does not have a significant impact on the Core Tier 1 ratio of Commerzbank. The Core Tier 1 ratio as of the end of June 2012 was 12.2 %.
In the future, Commerzbank will continue to be represented in the Ukraine with a representative office in Kiev. In corporate customer business the Bank will continue to be a reliable partner to Ukrainian customers with business relations in Germany, as well as to German companies doing business in the Ukraine.
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About Commerzbank
Commerzbank is a leading bank for private and corporate customers in Germany. With the segments Private Customers, Mittelstandsbank, Corporates & Markets as well as Central & Eastern Europe 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 around 60 sites in 52 countries and serves almost 15 million private clients as well as 1 million business and corporate clients worldwide. In 2011, it posted gross revenues of almost EUR 10 billion with 58,160 employees.
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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 the 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.
