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November 13, 2000

Commerzbank: Klaus-Peter Müller named as successor to Martin Kohlhaussen


Commerzbank¿s Supervisory Board today appointed Klaus-Peter Müller (56) as the new chairman of the board of managing directors following the next Annual General Meeting on May 25, 2001. He will succeed Martin Kohlhaussen, who in turn is standing for election to the Supervisory Board. Mr. Kohlhaussen has led Commerzbank since 1991, which during this period he helped shape into a modern and profitable financial institution.

Mr. Kohlhaussen said of his designated successor: ¿I am convinced that, considering the strategic orientation of Commerzbank, Klaus-Peter Müller will realize new ideas and accents in today¿s dramatically changing bank environment. In his open and communicative manner, he is the right man to lead our Bank into a successful future.¿

Mr. Müller is recognized as a knowledgeable executive with experience in all areas of banking, from domestic branch banking to investment banking to international banking. He had management board responsibility for the latter area during the past few years. His banking experience started in 1966 when he joined the Commerzbank branch in his hometown of Düsseldorf. His preference for international responsibility took him to the bank¿s New York representative office three years later. Shortly thereafter ¿ as the first operating unit of a German bank in the United States ¿ it was converted into a full branch. After serving in both Düsseldorf and Duisburg, Mr. Müller went back to New York in 1982, this time as co-director of the branch.

After returning to Frankfurt in 1986, he was appointed head of the Corporate Customer department. In February 1990 he took charge of the newly formed ¿Preparation East Germany¿ unit. In this role, Mr. Müller and his team built up in short order a regional presence of 130 branches covering all of eastern Germany outside Berlin, helping Commerzbank capture the same market share it had there before the war. As of November 1990, he was appointed to the management board, responsible for International Banking. His regional responsibilities now cover North and South America, and previously also included Central and Eastern Europe.

Mr. Müller belongs to many supervisory boards in Germany, Belgium, Poland and the U.S.