Change in the Board of Managing Directors of Commerzbank AG
September 30 2016
It is with regret that Commerzbank’s Supervisory Board has today agreed to Markus Beumer’s request to release him from his contract, which runs to 31 December 2020, as the member of the Board of Managing Directors of Commerzbank responsible for the Mittelstandsbank segment with effect from 31 October 2016.
“Over the last nine years, as a board member, Markus Beumer has played an instrumental role in helping to further enhance Commerzbank's profile as a leading corporate bank in Germany and Europe. I would like to thank him on behalf of the entire Supervisory Board for his great dedication and valuable work and wish him all the best and every success in the future”, said Klaus-Peter Müller, Chairman of the Supervisory Board of Commerzbank.
Martin Zielke, Chairman of the Board of Managing Directors of Commerzbank: “Markus Beumer has vigorously defended Commerzbank’s leading position as a partner to German Corporates and SMEs amid increasing competition and driven it forward with new ideas. This is borne out, not least, by our success in foreign trade financing, where we are the number one in Germany with a more than 30 percent share of the market for German export financing. I would like to thank him for the good and close cooperation and wish him all the best for the future.”
Markus Beumer, board member for the Mittelstandsbank segment, said: “This was not an easy decision for me. But after eleven years in corporate banking at Commerzbank I would like to take on a new challenge. The necessary reorganization of the corporate clients division which has just been decided on will take years and will require continuity. So it was clear to me that now is the right time to start something new. I wish my fellow board members and the whole Commerzbank team all the best for the future.”
Markus Beumer, 52, has been a member of the Board of Managing Directors of Commerzbank since 1 January 2008. Prior to that he was in charge of corporate banking at the Frankfurt regional branch and from 2006 the group-wide head of Corporate Banking. He started his career in 1991 as a trainee at Deutsche Bank in Essen.
Michael Reuther will take on the management of the corporate clients division.
Commerzbank is a leading international commercial bank with branches and offices in more than 50 countries. The core markets of Commerzbank are Germany and Poland. With the business areas Private Customers, Mittelstandsbank, Corporates & Markets and Central & Eastern Europe, its private customers and corporate clients, as well as institutional investors, profit from a comprehensive portfolio of banking and capital market services. Commerzbank finances more than 30 per cent of Germany’s foreign trade and is the unchallenged leader in financing for SMEs. With its subsidiaries Comdirect and Poland’s M Bank it owns two of the world’s most innovative online banks. With approximately 1,050 branches Commerzbank has one of the densest branch networks among German private banks. In total, Commerzbank boasts more than 16 million private customers, as well as 1 million business and corporate clients. The Bank, which was founded in 1870, is represented at all the world’s major stock exchanges. In 2015, it generated gross revenues of €9.8 billion with 51,300 employees.
This release contains forward-looking statements. Forward-looking statements are statements that are not historical facts. In this release, these statements concern inter alia the expected future business of Commerzbank, efficiency gains and expected synergies, expected growth prospects and other opportunities for an increase in value of Commerzbank as well as expected future financial results, restructuring costs and other financial developments and information. These forward-looking statements are based on the management’s current plans, 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. Such factors include the conditions in the financial markets in Germany, in Europe, in the USA and other regions from which Commerzbank derives a substantial portion of its revenues and in which Commerzbank holds a substantial portion of its assets, the development of asset prices and market volatility, especially due to the ongoing European debt crisis, potential defaults of borrowers or trading counterparties, the implementation of its strategic initiatives to improve its business model, particularly to reduce its ACR portfolio, the reliability of its risk management policies, procedures and methods, risks arising as a result of regulatory change and other risks. Forward-looking statements therefore speak only as of the date they are made. Commerzbank has no obligation to 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.