Commerzbank sells Bank Forum to Ukrainian Smart Group

Commerzbank sells Bank Forum to Ukrainian Smart Group


Commerzbank AG  / Key word(s): Disposal/Disposal

30.07.2012 20:03

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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 AG
Group Communications
Tel.: +49 69 136 - 22830

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Language:     English
Company:      Commerzbank AG
              60261 Frankfurt am Main
Phone:        +49 (069) 136 20
Fax:          -
ISIN:         DE0008032004
WKN:          803200
Listed:       Regulierter Markt in Berlin, Düsseldorf, Frankfurt (Prime
              Standard), Hamburg, Hannover, München, Stuttgart; Terminbörse
              EUREX; London, SIX
End of Announcement                             DGAP News-Service