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October 15, 2009

Commerzbank sells UK wealth management unit Kleinwort Benson to RHJ International

Commerzbank is selling its Kleinwort Benson branded business, specializing in wealth management and fiduciary activities in Great Britain, to the financial holding company RHJ International. All relevant contracts have been signed. The transaction is subject to approval by the anti-trust and supervisory authorities and is expected to close in the first quarter of 2010.

Following the integration of Dresdner Bank, Commerzbank has introduced a new strategic approach. The focus is on the segments of Private Customers and Mittelstandsbank, the client-focused investment banking business, as well as Central and Eastern Europe. In wealth management Commerzbank is implementing its strategy by focussing on selected locations. The sale of Kleinwort Benson was also part of the agreement with the EU Commission regarding the utilization of the Special Fund Financial Market Stabilization (SoFFin).

In the transaction both Kleinwort Benson Channel Islands Holding Limited and Kleinwort Benson Private Bank Limited corporation will be acquired by RHJ International. As at the end of 2008, both companies had wealth management assets under management totalling GBP 5.4 billion (EUR 5.7 billion) and fiduciary assets under administration totalling GBP 15.7 billion (EUR 16.5 billion). As per end of December 2008 they had approximately 650 employees.

The investment banking business of Commerzbank remains unaffected by this transaction.

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