DJ Commerzbank completes full takeover of comdirect
Commerzbank Aktiengesellschaft (CZB)
Commerzbank completes full takeover of comdirect
02-Nov-2020 / 12:23 CET/CEST
Dissemination of a Regulatory Announcement, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
Commerzbank has successfully completed the full takeover of comdirect bank
Aktiengesellschaft ('comdirect'). Today, on 2 November 2020, the merger was
entered in the Commercial Register of Commerzbank and therefore became
effective. This brings the independence and stock-market listing of
comdirect formally to an end. The shares of the remaining comdirect minority
shareholders will be transferred to Commerzbank in return for a cash
compensation of &euro12.75 per share within the next few days.
Following the merger, Commerzbank and comdirect will initially continue to
operate their service offering as before. However, the aim is to merge and
expand the offerings of the two banks. The new joint business model still
needs to be defined and negotiated with the employee representatives. The
previous comdirect locations Quickborn and Rostock will be retained. All
employment relationships of comdirect employees that existed on the date of
the merger are transferred to Commerzbank.
*****
*Press contact*
Erik Nebel +49 69 136-44986
Gunnar Meyer +49 69 136-27298
*****
About Commerzbank
Commerzbank is a leading international commercial bank with branches and
offices in nearly 50 countries. The Bank's two business segments - Private
and Small-Business Customers and Corporate Clients - offer a comprehensive
portfolio of financial services precisely tailored to their customers'
needs. Commerzbank transacts approximately 30% of Germany's foreign trade
and is the market leader in German corporate banking. The Bank offers its
sector expertise to its corporate clients in Germany and abroad and is a
leading provider of capital market products. Its subsidiary mBank in Poland
is an innovative digital bank. The integration of comdirect enables
Commerzbank to combine the services of one of Germany's most advanced online
banks with a personal advisory offering at local level. The Bank serves
around 11.6 million private and small-business customers nationwide and over
70,000 corporate clients, multinationals, financial service providers, and
institutional clients worldwide. Its Polish subsidiary mBank S.A. has around
5.7 million private and corporate customers, predominantly in Poland, but
also in the Czech Republic and Slovakia. In 2019, Commerzbank generated
gross revenues of &euro8.6 billion with approximately 48,500 employees.
*****
*Disclaimer*
This release contains forward-looking statements. Forward-looking statements
are statements that are not historical facts. In this release, these
statements concern inter alia the expected future business of Commerzbank,
efficiency gains and expected synergies, expected growth prospects and other
opportunities for an increase in value of Commerzbank as well as expected
future financial results, restructuring costs and other financial
developments and information. These forward-looking statements are based on
the management's current plans, 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. Such factors
include the conditions in the financial markets in Germany, in Europe, in
the USA and other regions from which Commerzbank derives a substantial
portion of its revenues and in which Commerzbank holds a substantial portion
of its assets, the development of asset prices and market volatility,
especially due to the ongoing European debt crisis, potential defaults of
borrowers or trading counterparties, the implementation of its strategic
initiatives to improve its business model, the reliability of its risk
management policies, procedures and methods, risks arising as a result of
regulatory change and other risks. Forward-looking statements therefore
speak only as of the date they are made. Commerzbank has no obligation to
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.
ISIN: DE000CBK1001
Category Code: ACQ
TIDM: CZB
LEI Code: 851WYGNLUQLFZBSYGB56
Sequence No.: 87022
EQS News ID: 1144647
End of Announcement EQS News Service
(END) Dow Jones Newswires
November 02, 2020 06:23 ET (11:23 GMT)
© 2020 Dow Jones News
