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October 27, 2009

Commerzbank to sell Privatinvest Bank to Zürcher Kantonalbank

Commerzbank is selling its 74% shareholding in Austrian Privatinvest Bank to Zürcher Kantonalbank. The transaction is subject to approval by the anti-trust and supervisory authorities. The parties have agreed to maintain confidentiality about the details.

Following the integration of Dresdner Bank, Commerzbank has introduced a new strategic approach and is focussing on selected locations in wealth management. The sale of Privatinvest Bank was also part of the agreement with the EU Commission regarding the utilization of the Special Fund Financial Market Stabilization (SoFFin).

Privatinvest Bank AG, which is headquartered in Salzburg and has a branch in Vienna, is active in private banking in the areas of wealth management and securities trading. At the end of June 2009, it had assets under management totalling approximately EUR 600 million and employed about 50 staff.

The activities of the Vienna branch of Commerzbank AG Frankfurt will remain unaffected by the transaction.

Press contact:
Simone Fuchs: +49 69 136 44910

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