Commerzbank has closed the sale of its minority stake of approximately 14.4 % in Russian Promsvyazbank. The buyer is Promsvyaz Capital B.V., the majority shareholder of Promsvyazbank. It was agreed to maintain confidentiality on the details. The regulatory authorities have already approved the transaction. In January 2012 Commerzbank announced its intention to dispose of its shareholding in Promsvyazbank by exercising a put option right previously agreed with Promsvyaz Capital B.V.
The Russian business activities of Commerzbank remain unaffected by the transaction. The Bank will continue to be a reliable partner in the corporate banking sector to Russian companies having a business relationship to Germany as well as to German companies doing business in Russia. Commerzbank will continue to be represented in Russia through its subsidiary Commerzbank (Eurasija) SAO and Commerzbank's representative offices in Moscow and Nowosibirsk.
Commerzbank is a leading bank for private and corporate customers in Germany. With the segments Private Customers, 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 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.
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.