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| Type | Public (FWB: CBK) |
|---|---|
| Founded | 26 February 1870 |
| Headquarters | Frankfurt am Main, Germany |
| Key people | Martin Blessing (CEO and Chairman of the executive board), Klaus-Peter Müller (Chairman of the supervisory board) |
| Industry | Financial services |
| Products | Retail, commercial and commercial real estate banking |
| Revenue | €4.578 billion (2008)[1] |
| Operating income | ▼ (€378 million) (2008)[1] |
| Profit | ▲ €3 million (2008)[1] |
| Total assets | €625.2 billion (2008)[1] |
| Employees | 43,170 (2008)[1] |
| Subsidiaries | Eurohypo, Dresdner Bank, Bank Forum |
| Website | www.commerzbank.com |
Commerzbank AG (FWB: CBK) is the second-largest bank in Germany, after Deutsche Bank, headquartered in Frankfurt am Main.
Commerzbank is mainly active in commercial banking, retail banking and mortgaging. It suffered reversals in investment banking and shut its Commerzbank Securities investment banking unit.[2] Investment banking, capital market, equities, and corporate banking operations are now integrated as a [3] division of the Commerzbank group.
Commerzbank holds a nationwide network of branch offices throughout Germany and numerous branch offices in the EU and Europe (namely London, Luxembourg, Poland, Spain and Switzerland) and with a leading market share in online banking. EuroHypo is an integral part of Commerzbank.
The bank holds representations and holdings in various commercial and financial centers in Asia and the Americas.
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History
Commerzbank was founded in 1870 by individual and merchant bankers in Hamburg. After merging with Berliner Bank, it moved its headquarters to Berlin in 1905. After World War II, the headquarters first moved to Düsseldorf and, in 1958, to Germany's financial centre, Frankfurt.
The Commerzbank Tower (designed by British architect Norman Foster) was Europe's first ecological skyscraper and also, from its completion in 1997 until 2004, Europe's tallest skyscraper at a height of 259 meters.
Commerzbank was the first German bank to establish a branch in New York City in 1971, however this office was significantly scaled back in 2004 with the demise of its investment banking unit, Commerzbank Securities.
In August 2008, Commerzbank announced that it is to purchase 100% of Dresdner Bank for 5,5 billion Euro, largely with shares, a deal expected to be completed on 12 January 2009. At the conclusion of the purchase, it is expected that current Dresdner owner Allianz will hold approximately 30% of Commerzbank.[4]
Trivia
- The Commerzbank Tower was featured as a default background for Motorola's RAZR cell phone.
Recent developments
Commerzbank AG plans to overtake larger peer Deutsche Bank AG as the leading manager of private wealth in Germany, Die Welt reported on 18 Nov 2009; citing Thorsten Reitmeyer, the head of Commerzbank's private banking unit.
See also
References
- ^ a b c d e "Annual Results 2008" (PDF). Commerzbank. https://www.commerzbank.com/media/en/aktionaere/service/archive/konzern/2009/vorl_Abschluss_2008pdf.pdf. Retrieved 2009-03-06.
- ^ Commerzbank Buy Threatens Dresdner Kleinwort Future - Mergers and Acquisitions - CNBC.com[dead link]
- ^ Commerzbank
- ^ Robinson, Gwen (2 September 2008). "Dresdner deal raises concerns". Financial Times. http://ftalphaville.ft.com/blog/2008/09/02/15512/dresdner-deal-raises-concerns/. Retrieved 2008-09-03.
External links
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