23/05/2012
Commerzbank AG has concluded the integration of Deutsche Schiffsbank AG with the entry of the merger into the Commercial Register. Thus the merger became effective on May 22, 2012 and Commerzbank now is the universal successor to Deutsche Schiffsbank AG.
The ship finance business of Commerzbank will be continued in the "Asset Based Finance" segment, which is headed by Commerzbank board member Jochen Klösges. The "Ship Finance" business area will be renamed "Deutsche Schiffsbank" with the registration of the merger. The responsible divisional board member remains Dr. Stefan Otto, to date also the Chairman of the Board of Managing Directors of Deutsche Schiffsbank AG. The brand identity of Deutsche Schiffsbank AG will be replaced with the brand identity of Commerzbank. As of July 1, 2012 the business area "Deutsche Schiffsbank" will, as previously announced, be part of the new Core Bank segment "Real Estate and Ship Finance".
Furthermore, Commerzbank has been authorised by the Federal Financial Supervisory Authority to issue Public Sector Pfandbriefe and Ship Pfandbriefe as of the point in time the merger became effective. This authorisation lays the foundation for Commerzbank to continue the issuing activity of Deutsche Schiffsbank AG. In the future Commerzbank can issue Ship Pfandbriefe and Public Sector Pfandbriefe so as to further utilise the possibilities offered by secured funding.
In March 2011 Commerzbank had announced its intention to acquire the minority shareholdings in Deutsche Schiffsbank AG and to merge the company with Commerzbank AG afterwards.
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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, 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 more than 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.
