Supervisory Board intends to appoint Jens Weidmann as new Chairman
February 15 2023
Today, the Supervisory Board of Commerzbank has declared unanimously that it intends to appoint Dr Jens Weidmann as its Chairman if Weidmann is elected to the Supervisory Board by the shareholders at the Annual General Meeting on 31 May 2023 as planned.
The Chairman of the Supervisory Board, Helmut Gottschalk, who proposed Weidmann as his successor last November, explained: “I am pleased that my proposal has been met with broad approval by both the shareholders and the employees on the Supervisory Board. It was important to me to find a widely respected personality for my succession, and Jens Weidmann stands for stability and independence. With his appointment, Commerzbank will continue on its successful course of self-determined development, which was achieved during my tenure.”
The Federal Government has exercised its contractual right of designating two representatives of the federal government for the Supervisory Board, Dr Jutta Dönges and Harald Christ. The Supervisory Board has complied with this and nominated Dönges, who has been a member of the committee since 2020, and Christ, who is running for the first time, for the election.
Commerzbank is the leading bank for the German Mittelstand and a strong partner for around 26,000 corporate client groups and around 11 million private and small-business customers in Germany. The Bank’s two Business Segments – Private and Small-Business Customers and Corporate Clients – offer a comprehensive portfolio of financial services. Commerzbank transacts approximately 30 per cent of Germany’s foreign trade and is present internationally in almost 40 countries in the corporate clients’ business. The Bank focusses on the German Mittelstand, large corporates, and institutional clients. As part of its international business, Commerzbank supports clients with German connectivity and companies operating in selected future-oriented industries. In the Private and Small-Business Customers segment, the Bank is at the side of its customers with its brands Commerzbank and comdirect: online and mobile, in the advisory centre, and personally in its branches. Its Polish subsidiary mBank S.A. is an innovative digital bank that serves approximately 5.7 million private and corporate customers, predominantly in Poland, as well as in the Czech Republic and Slovakia.
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, 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.