30/03/2012
Commerzbank AG / Key word(s): Miscellaneous
30.03.2012 11:45
Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted
by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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Commerzbank: European Commission changes the requirement of an Eurohypo
disposal into a required run-down, decisions concerning organisational
implementation have been taken
The European Commission today informed the Federal Republic of Germany that
it has changed the condition imposed on Commerzbank in 2009 to divest its
subsidiary Eurohypo into a condition to run down the company. Accordingly,
Commerzbank has to reduce in full both the state financing business (Public
Finance) as well as the bulk of the commercial real estate financing
(non-core areas Commercial Real Estate) of Eurohypo. Merely a clearly
scaled-down part of the commercial real estate financing in Germany, United
Kingdom, France, and Poland may be continued. In accordance with the
conditions imposed by the European Commission, the non-core activities of
Eurohypo (Public Finance and non-core areas in Commercial Real Estate) have
to be clearly separated in organisational terms from the core activities
(core areas in Commercial Real Estate).
The Boards of Managing Directors of Commerzbank and Eurohypo have decided
to implement the conditions of the European Commission as follows: The
business areas Commercial Real Estate and Public Finance will be realigned
in organisational terms. In the future, the non-core activities will be
managed in a new group-internal reduction unit named 'Non Core Assets'
(NCA). The objective of Commerzbank is to further consistently reduce the
portfolios of these non-core activities. The clearly scaled-down commercial
real estate business in Germany, United Kingdom, France, and Poland is to
be gradually transferred to Commerzbank AG in the coming years. In
operational terms, it will be continued in the future as part of the new
Commerzbank segment 'Real Estate and Ship Finance' (RES), that will replace
the existing segment Asset Based Finance (ABF) as of July 1, 2012. The core
activities in the area of Commercial Real Estate will continue to be
optimised in terms of its risks and profitability. In accordance with the
conditions imposed by the European Commission, the Eurohypo brand has to be
given up. While adapting to the changing business framework conditions,
Eurohypo will be continued for the time being. The new company name will be
announced at a later point in time.
The decision by the EU Commission also foresees other conditions: The
core-activities in the area of Commercial Real Estate may not exceed a
volume of 25 billion euro including the annual maximum new business volume
of 5 billion euro through to the end of 2015. Excepting the non-core
activities, Commerzbank has to reduce its balance sheet to 600 billion euro
as of the end of 2012 and it may not exceed this level until the end of
2014. In addition, the acquisition ban has been extended to the end of
March 2014.
Contact:
Commerzbank AG
Group Communications
Tel.: +49 69 136 - 22830
mediarelations@commerzbank.com
30.03.2012 DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: Commerzbank AG
Kaiserplatz
60261 Frankfurt am Main
Germany
Phone: +49 (069) 136 20
Fax: -
E-mail: ir@commerzbank.com
Internet: www.commerzbank.de
ISIN: DE0008032004
WKN: 803200
Indices: DAX, CDAX, HDAX, PRIMEALL
Listed: Regulierter Markt in Berlin, Düsseldorf, Frankfurt (Prime
Standard), Hamburg, Hannover, München, Stuttgart; Terminbörse
EUREX; London, SIX
End of Announcement DGAP News-Service
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