Press Release Press Release


May 19, 2011

Commerzbank Board of Managing Directors: Achim Kassow moves to Oldenburgische Landesbank, Ulrich Sieber assumes responsibility for the Central & Eastern European business

At its meeting on May 19, 2011 the Supervisory Board of Commerzbank met with the wish of Achim Kassow, 44, to be released from his mandate as a member of the Board of Managing Directors with effect from July 12, 2011. Ulrich Sieber, 45, is taking over the segment Central & Eastern Europe (CEE) in addition to his current responsibilities for Human Resources and Integration.

Achim Kassow is leaving the bank at his own request to assume the function of Chief Executive Officer at Oldenburgische Landesbank, which is part of the Allianz Group. Oldenburgische Landesbank is the largest private regional bank in Germany, and through its Allianz Bank branch offers banking services for customers and representatives of Allianz in Germany.

Kassow has been a Member of the Board of Managing Directors of Commerzbank since November 2004; during his seven years with the bank he has been responsible for the segments Asset Management, Private Customers and Central & Eastern Europe (CEE). Prior to this he was the Chairman of the Board of Managing Directors of comdirect for two years. Klaus-Peter Müller, Chairman of the Supervisory Board, says: "Achim Kassow has made a major contribution to the success of the bank. He was responsible for the strategic disinvestments in Asset Management, has clearly expanded our market position in the Private Customers business, and attained the turnaround with our business in Central & Eastern Europe. We regret that Achim Kassow is leaving the bank. I would like to thank him - also on behalf of his fellow Members of the Board of Managing Directors - for his great commitment and I wish him all the very best in his new position."

Ulrich Sieber, a graduate in banking management, has been Member of the Board of Managing Directors since June 1, 2009 and is responsible for the areas Human Resources and Integration. Before Sieber became the head of Human Resources at Commerzbank in 2006, he had held a number of management positions at Dresdner Bank, J.P. Morgan and Credit Suisse over a period of several years. Ulrich Sieber was, among other things, the head of the Corporate Banking sector at Dresdner Bank. Martin Blessing, Chairman of the Board of Managing Directors of Commerzbank: "The responsibility for the CEE business is being assumed by Ulrich Sieber, an experienced and expert Member of the Board of Managing Directors, who has already demonstrated his competence in a number of challenging situations."


Press contact:

Armin Guhl + 49 69 136 42764
Reiner Rossmann + 49 69 136 46646


About Commerzbank

Commerzbank is a leading bank for private and corporate customers in Germany. With the segments Private Clients, Mittelstandsbank, Corporates & Markets, Central & Eastern Europe as well as Asset Based Finance, the Bank offers its customers an attractive product portfolio, and is a strong partner for the export-oriented SME sector in Germany and worldwide. With a future total of some 1,200 branches, Commerzbank has one of the densest networks of branches among German private banks. It has above 60 sites in more than 50 countries and serves more than 14 million private clients as well as one million business and corporate clients worldwide. In 2010 it posted gross revenues of EUR 12.7 billion with some 59,100 employees.



This release contains statements concerning the expected future business of Commerzbank, efficiency gains and expected synergies, expected growth prospects and other opportunities for an increase in value of the company as well as expected future net income per share, restructuring costs and other financial developments and information. These forward-looking statements are based on management's current expectations, estimates and projections. They are subject to a number of assumptions and involve known and unknown risks, uncertainties and other factors that may cause actual results and developments to differ materially from any future results and developments expressed or implied by such forward-looking statements. Commerzbank has no obligation to periodically update or release any revisions to the forward-looking statements contained in this release to reflect events or circumstances after the date of this release.