30/07/2012
Commerzbank AG / Key word(s): Disposal/Disposal
30.07.2012 / 20:06
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Commerzbank sells Bank Forum to Ukrainian Smart Group
Commerzbank has today reached an agreement with Ukrainian Smart Group on
the sale of its stake of approximately 96 % in Ukraine's Bank Forum. It has
been agreed that confidentiality is maintained on contractual details. The
transaction is still subject to the approval of the regulatory authorities.
In the second quarter of 2012, the signing of the sale and purchase
agreement leads to an extraordinary charge in Commerzbank's profit and loss
statement amounting to approximately EUR 86 million which also has to be
considered in the equity capital. With the closing of the transaction, the
cumulative currency effects amounting to approximately minus EUR 200
million as of today will be reported in the profit and loss statement. The
latter does not additionally affect the equity capital of the Bank, since
it has already been accounted for as charge against the equity in the
currency translation reserve in the past. In total, Commerzbank's profit
before tax will be impacted by approximately EUR 286 million by the time of
the closing of the transaction.
The charge is not reported in the operating profit but in the profit before
tax. Overall, the Bank expects an operating profit of approximately EUR 1
billion for the first six months of 2012, whereof approximately EUR 450
million apply to the second quarter 2012. For the first six months of 2012,
the Bank expects a profit before tax of approximately EUR 900 million,
thereof approximately EUR 350 million in the second quarter of 2012.
Because of the related reduction of the risk weighted assets, the
transaction does not have a significant impact on the Core Tier 1 ratio of
Commerzbank. The Core Tier 1 ratio as of the end of March 2012 was 11.3 %.
As of the end of June 2012, Commerzbank expects a further strengthened Core
Tier 1 ratio of approximately 12 %. Taking into account the tighter capital
regulations under Basel 3 which shall be applicable from next year onwards,
Commerzbank continues to expect a Core Tier 1 ratio of at least 10 % as of
January 1, 2013.
As planned, Commerzbank will publish the detailed financial figures for the
first six months of 2012 on August 9, 2012.
Commerzbank acquired the majority stake in Bank Forum in the spring of
2008. The dynamic development of the Ukraine has not come into effect as
expected in past years. Commerzbank does not expect a sustainable
improvement in the near future. In the course of the ongoing review of its
Group strategy, Commerzbank therefore decided to sell its stake in Bank
Forum.
In the future, Commerzbank will continue to be represented in the Ukraine
with a representative office in Kiev. In corporate customer business the
Bank will continue to be a reliable partner to Ukrainian customers with
business relations in Germany, as well as to German companies doing
business in the Ukraine.
Press contact:
Armin Guhl +49 69 136 42764
Simon Steiner +49 69 136 46646
Nils Happich +49 69 136 44986
*****
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 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.
*****
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.
End of Corporate News
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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 News DGAP News-Service
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