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March 24, 2004

Commerzbank: Supervisory Board approves financial statements

  • Commerzbank: Supervisory Board approves financial statements
  • Shareholder structure: 76% held by institutional investors; roughly 360,000 shareholders
  • January's good earnings performance maintained

At its meeting on March 23, Commerzbank's supervisory board approved the financial statements for 2003. The figures already published on February 18 remained unchanged. At the meeting, the bank¿s chairman, Klaus-Peter Müller, announced that the Commerzbank Group had maintained the good performance it registered in January.

In the new annual report, the results of a recent, comprehensive survey of the bank's shareholder structure are also presented. The percentage of Commerzbank's capital held by institutional investors has increased further over the past few years to 76%. A similar survey in 1999 had shown their share at 60%, whereas in 1994, it was only 49%. This development reflects both a long-term "institutional" trend and also the observation that block sales in the recent past as well as the bank's capital increase last November mainly found their way into the custody accounts of institutional investors. At the same time, the share's so-called free float is higher as a result, reaching practically 82%. Dr. Eric Strutz, the bank's CFO, added: "I think that the strong involvement of professional market participants is also a clear statement of confidence in Commerzbank and shows that they expect positive performance from our share on a long-term basis."

Due to the sharp increase in the significance of institutional investors, private investors now hold 24% of the bank¿s capital in their custody accounts. While the number of private investors is lower in absolute terms than it was in 1999, it has held steady in recent years at almost 350,000. With companies and institutionals included, the overall number of investors has remained largely unchanged at about 360,000. Commerzbank is therefore one of Germany's major public companies. Thanks to regular issues of shares to staff over virtually the past three decades, the bank's active and former employees now account for more than 3% of its capital.

Just over half (52%) of the share capital is held in Germany. The largest single shareholder and at the same time the largest overall is Munich Re, with 9.5%. The next largest among non-German shareholders are Italy's Assicurazioni Generali (9.1%), Commerzbank's bancassurance partner, the major Spanish bank SCH and the two Italian banks Banca Intesa and Mediobanca. In addition to these important individual shareholders in Italy and Spain, Commerzbank shares are held on a sizeable scale in the United Kingdom (8%), Switzerland (6%) and in the USA (4%) as well.

Note:Further details on the survey can be found on pages 47-48 of Commerzbank's newly published Annual Report for 2003. This is available here and delivery by post will begin in the next few days. Two charts on shareholder structure can be found under "share information".