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November 06, 2007

Martin Blessing to succeed Klaus-Peter Müller

  • Martin Blessing to succeed Klaus-Peter Müller
  • Quarter 3, 2007: Operating profit of EUR 361 million and consolidated surplus of EUR 339 million
  • EUR 291 million impairment on US subprime exposure
  • Management Board confirms target set for 2007 and expects return onequity after tax of more than 15%

The Supervisory Board of Commerzbank has at its today's meeting complied with the request of Chairman of the Board , Klaus-Peter Müller (63) to release him from his office with effect from the end of the next Annual General Meeting on May 15, 2008. At the same time the Board invited him to stand for election to the Supervisory Board. Martin Blessing (44) was appointed as successor to Chairman of the Board of Managing Directors.

In his presentation to the Supervisory Board Klaus-Peter Müller reported an operating profit for quarter 3, 2007 of EUR 361 million (+ 7% compared to quarter 3, 2006). The consolidated surplus at EUR 339 million, was due to the activation of tax loss carry-forwards 56% higher than the previous year's figure. Included in these figures are one-off write downs of EUR 291 million on the US subprime portfolio amounting to EUR 1.2 billion in total.

After nine months, Commerzbank is well above the figures for the equivalent period of the previous year both in terms of the operating profit (+17%) and the consolidated surplus ( + 38%). The bank therefore confirms its target of a return on equity after tax of more than 15% (clean more than 12%) for 2007.