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June 12, 2002

Commerzbank sells Italian asset management subsidiary

Commerzbank has sold its Commerzbank Asset Management Italia (CAMI) subsidiary for 20 million euros to the Australian-based financial services group AMP Ltd. The sale still requires the approval of the supervisory authorities.

CAMI first started offering asset management services in the Italian market in mid-2000. With a staff of 120 and about 200 Promotori Finanziari (independent financial advisors), CAMI now has circa 650 million euros in funds under management, predominantly for private clients.

The sale of this subsidiary is the first step in the new orientation of Commerzbank's Asset Management division. In April, Klaus-Peter Müller, chairman of the management board, said the Bank would concentrate its resources on selected European markets, in addition to bundling its German asset management under the umbrella of Cominvest. In light of this new orientation, the Bank's asset management units in both the United States and Great Britain are now up for sale.