FRANKFURT (dpa-AFX) - Commerzbank said that it signed contract to merge comdirect into Commerzbank. The comdirect Annual General Meeting will decide on the squeeze-out under merger law.
Commerzbank expects to post a profit in 2020 even without the effects related to the sale of mBank. However, consolidated profit may be significantly lower than in the previous year, depending on the amount of restructuring expenses booked.
Meanwhile, the comdirect merger will be gradual. After the legal merger, Commerzbank and comdirect will initially continue to offer unchanged services, Commerzbank said.
Earlier this week, Commerzbank said it holds about 90.29% of comdirect shares and reached the required investment threshold for a merger-law squeeze-out. It would pay a cash compensation of 12.75 euros per share to the minority shareholders of comdirect as part of the planned squeeze-out.
Commerzbank today noted that the comdirect locations Quickborn and Rostock will remain. All comdirect employees will be transferred to Commerzbank.
Commerzbank said it will realise synergy potential of up to 150 million euros per year as a result of the complete integration.
Commerzbank confirmed the preliminary figures of the Group. Net profit attributable to shareholders for the fiscal year 2019 was 644 million euros, down 25.3 percent from 862 million euros in the prior year.
Commerzbank's Operating profit for the year increased 1.2 percent to 1.26 billion euros from 1.24 billion euros in the prior year.
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