Commerzbank Aktiengesellschaft / Key word(s): Strategic Company Decision
In light of the current media coverage on its strategy, Commerzbank AG today announces: The Board of Managing Directors has developed a draft of its new strategy "Commerzbank 5.0" and submitted it to the Supervisory Board for consideration. The draft will be discussed with the Supervisory Board on 25 and 26 September 2019 and then presented at press and investor conferences. The Board of Managing Directors and the Supervisory Board have not yet taken decisions on any items of the draft strategy.
With its new strategic programme, Commerzbank is enhancing the long-term sustainability of its business. In the segment Private and Small Business Customers, Commerzbank will focus on the expansion of its mobile banking capabilities and the possible merger of comdirect bank Aktiengesellschaft ("Comdirect") into Commerzbank. The Bank's branch network remains a pillar of Commerzbank's strategy. In the Corporate Clients segment the Bank intends to strengthen its distribution capability, also in particular with corporates in the Mittelstand (SME) segment. As part of its strategy, Commerzbank is planning to invest significantly in technology. The draft strategy foresees total investments of around 1.6 billion euros. Investments in digitalisation, IT infrastructure and growth account for an estimated 750 million euros of this, while restructuring costs in connection with necessary headcount reduction and planned modifications to the branch network account for the remaining 850 million euros. The Bank will retain a nationwide presence in Germany with around 800 branches, which reflects a reduction of 200 compared to today.
A further Group-wide headcount reduction is regrettable but inevitable. An estimated additional 4,300 full-time positions would be shed across the Group. The planned increase of around 2,000 full-time positions in strategic areas would take the anticipated net Group-wide headcount reduction to around 2,300 full-time positions. The details will be worked out over the next few months in consultation with the employee representative committees. The aim would be to implement the planned headcount reduction as socially responsible as possible.
Investment capacity to be strengthened by the sale of the majority stake in mBank
Planned purchase offer for comdirect bank Aktiengesellschaft
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|End of Announcement||DGAP News Service|