Press Release Press Release


September 01, 2008

Change in Commerzbank Board of Managing Directors
Stefan Schmittmann succeeds Bernd Knobloch

The Supervisory Board of Commerzbank has today complied with the request by Bernd Knobloch to release him from his position as a member of the Board of Managing Directors of Commerzbank with effect from September 30, 2008. Bernd Knobloch is leaving the bank at his own request and by mutual agreement. "This was not an easy step. But after the successful completion of the process of integrating Eurohypo into Commerzbank, I see this as an opportunity to start a new chapter in my life."

Bernd Knobloch has been a member of the Board of Managing Directors of Commerzbank AG since April 1, 2006, and Chairman of the Board of Eurohypo AG since January 1, 2004, for which Mr Knobloch will also relinquish his responponsibilities on the September 30, 2008. He has consistently developed the expansion of Eurohypo's international business and made a major contribution towards the establishment of real estate as a separate asset class worldwide. Under his leadership, Eurohypo has become the world's largest Pfandbrief issuer.

"In the past few years, Bernd Knobloch has made Eurohypo one of the market leaders in real estate and public finance. We regret that Bernd Knobloch is leaving Commerzbank. I should like to thank him - personally, and on behalf of my colleagues on the Board of Managing Directors - for his hard work, and to wish him all the best in the future," said Klaus-Peter Müller, Chairman of the Supervisory Board of Commerzbank.

"A connoisseur of risk management"

The Supervisory Board has appointed Dr Stefan Schmittmann as successor to Bernd Knobloch on the Board of Managing Directors of Commerzbank. He will assume his new position on November 1, 2008. Until April this year, the 51-year-old was a member of the Board of Bayerische Hypo- und Vereinsbank AG, Munich, responsible for the commercial real estate and corporate banking divisions. He was also a member of the Executive Committee of UniCredit Corporate Division. "Schmittmann is a proven connoisseur of the real estate markets and credit risk management. We are very happy to welcome him to our team," said Martin Blessing, Chairman of the Board of Managing Directors of Commerzbank.

After studying business administration at St Gallen University, Schmittmann began his banking career in 1986 at what is now today HVB, the former Bayerische Vereinsbank. He held various management positions in the credit and financial control departments until he took over as joint head of the risk management division at the Munich group head office, rising to become Chief Credit Risk Officer on the divisional board five years later. As speaker of the Board of Vereins- und Westbank, Schmittmann played a major role in promoting the integration of Vereins- und Westbank AG in Hamburg into HVB. He is married, with one child.

Frank Pörschke to head Eurohypo

Dr Frank Pörschke will succeed Bernd Knobloch as the new Chairman of the Board of Eurohypo on the 1st October 2008. The Supervisory Board has with effect of August 30, 2008 appointed the 43-year-old who joined Eurohypo in his new capacity in September, 2007, and has since had particular responsibility for Eurohypo market activities in continental Europe, the UK and Latin America. "Dr Frank Pörschke is a master of all aspects of the real estate business. His years of international experience, which, in addition to financing, ranges from the development of major commercial real estate projects through to successful management of a major European real estate company, are tremendously important to Eurohypo with its global activities," said Klaus-Peter Müller, Chairman of the Supervisory Board of Eurohypo.

Frank Pörschke studied law at Hamburg University, obtaining his doctorate in law in 1991. He then joined the consulting firm McKinsey & Company. He subsequently went to the project development company, ECE Projektmanagement International, where he headed international project development until mid-2004. Before joining Eurohypo, Pörschke was Speaker for the Board of Commerz Grundbesitz Gruppe, one of the largest European real estate asset managers, which is also a member of the Commerzbank Group. Pörschke is married, with three children.