DGAP-News: Commerzbank Aktiengesellschaft
/ Key word(s): Miscellaneous
- Integration of comdirect will take place in stages - further digital development with focus on "mobile first" essential goal of integration
- 2019 Annual Report confirms figures published at Annual Press Conference
Commerzbank and comdirect today signed the contract to merge comdirect into Commerzbank. The comdirect Annual General Meeting will decide on the squeeze-out under merger law. The goal of the merger is to combine the strengths of the two banks and to better prepare for the challenges of the market and the competitive environment.
According to the current planning status, the integration will be gradual. After the legal merger, Commerzbank and comdirect will initially continue to offer unchanged services. The offering will then be merged, unified, and expanded. With this, the Bank intends to offer its customers the best solutions and to meet its claim to be the leading bank in Germany for retail customers and small-business customers. The main objective of the integration is the further development of our digital services for all customers with a focus on "mobile first" and the expansion of personal advisory services especially for private banking, wealth management, and small-business customers.
The comdirect locations Quickborn and Rostock will remain. All employment relationships of the comdirect employees, which exist at the time of the merger, will be transferred to Commerzbank with the merger. In addition to the strategic advantages of the merger, Commerzbank will realise synergy potential of up to €150 million per year as a result of the complete integration, increasing profitability in a difficult market environment. Synergies arise, for example, from the reduction of double functions, the consolidation of infrastructure, and the consequent digitalisation.
Commerzbank's Annual Report published today, reports on the audited figures for the past financial year and confirms the preliminary figures of the Group, as published at the Annual Press Conference on 13 February 2020. Operating profit for the 2019 financial year amounted to €1,258 million (2018: €1,242 million). The consolidated profit attributable to Commerzbank shareholders and investors in additional equity components was €644 million, compared with €862 million in the previous year.
The individual financial statement of Commerzbank AG in accordance with the provisions of the German Commercial Code (HGB) show a net profit of €188 million for 2019 (2018: €262 million). This includes the servicing of all profit-related capital instruments of Commerzbank AG. The outlook published in the Annual Report does not yet take into account the possible effects of the Corona crisis.
Detailed information about the monetary remuneration of the members of the Board of Managing Directors can be found in the remuneration report (starting on page 29). The number of employees at the end of 2019 was 48,512.
The merger documents and the 2019 Annual Report can be found on our webpage.
Disclaimer and Forward-Looking Statement
20.03.2020 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
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