June 26, 2012
Commercial Real Estate financing and Ship Finance to be wound up while maximising value
The Board of Managing Directors of Commerzbank has today, therefore, decided to entirely reduce the business areas Commercial Real Estate and Ship Finance in the course of time. In addition, CommerzReal is to be integrated into the Core Bank segment Private Customers. Therefore, the new Core Bank segment Real Estate and Ship Finance (RES) will not be launched as had originally been planned.
Commercial Real Estate and Ship Finance are to be transferred in full to the new segment Non Core Assets (NCA). The essential reasons for this are the high capital and the rising liquidity requirements under Basel 3, and especially for long-term financing, as well as the strong cyclical fluctuations which are to be expected in the result in the future. In private and corporate customer business Commerzbank will naturally continue to offer real estate financing.
The CommerzReal business area will be integrated within the Core Bank into the Private Customers segment so as to orient the business more closely to the needs of customers in the future.
These changes will become effective as of August 9, 2012. Following the decision to significantly expand the NCA segment, the responsibilities on the Board of Managing Directors of Commerzbank will also be restructured as of this date.
Commerzbank is currently subjecting all its business areas to a review in the framework of the annual strategic planning process. The changes announced today are the first consequence of this. All the results of this process will be presented in the autumn.
The published targets and statements for the current business year remain valid. An update will be provided with the publication of the half-year results on August 9, 2012.