Commerzbank
| Company type | Public company |
|---|---|
| DAX | |
| Founded | 26 February 1870 |
Key people | Bettina Orlopp (Chair of the Management Board) |
| Products | Banking |
| Revenue | €8.600 billion (2018) |
| €0.968 billion (2018) | |
| Total equity | €29.411 billion (2018) |
| Owners | 17 % Federal Republic of Germany; 14 % Allianz SE; 8.8 % Assicurazioni Generali |
Number of employees | 49,000 (2018) |
| Website | https://www.commerzbank.de/ |
Commerzbank or Commerzbank AG is a major German universal bank, with its official headquarters in Frankfurt am Main since 1990. Previously, its seat was in Hamburg (1870–1905), Berlin (1905–1945), a period of fragmentation after 1945, and Düsseldorf (1958–1990). It is one of Germany’s largest financial institutions and the country’s second-largest bank by total assets.[1]
Since its founding in 1870, Commerzbank has grown through a series of mergers and acquisitions, notably the rescue acquisition of Dresdner Bank in 2008–2009, which led to the German government becoming the largest shareholder.[2] Commerzbank is present in more than 50 countries worldwide and employs 48,500 people, of whom 8,100 work outside Germany, serving over 8 million clients globally in Europe, Asia, and the United States. In Germany, it serves more than 11 million private and small-business customers, as well as 70,000 corporate, financial-services, and institutional clients worldwide. The bank finances nearly one-third of Germany’s foreign trade.[3] Within Germany, Commerzbank operates approximately 800 branches.[4]
History
Commerzbank was founded in 1870 by merchants and bankers in Hamburg. In 1905, after merging with Berliner Bank, it moved its headquarters to Berlin. In 1920, it merged with Mitteldeutsche Privatbank AG of Magdeburg, which had operations in Prussian Saxony, Saxony, and Thuringia. In 1929, it merged again with Mitteldeutsche Creditbank. During the Great Depression, in 1931, Chancellor Heinrich Brüning’s government arranged a merger with Barmer Bankverein (which had branches in western Germany and North America) to stabilize Commerzbank. After World War II and the loss of its operations in East Germany without compensation, along with a series of post-war splits and mergers related to Allied occupation zones, the headquarters was relocated to Düsseldorf, then finally moved to Frankfurt in 1958.
Following the acquisition of Eurohypo, Commerzbank became Europe’s largest financier of real-estate and public-sector projects.
In 2008, Commerzbank acquired Dresdner Bank for €5.5 billion, rescuing the struggling institution and reinforcing its expertise in lending to small and medium-sized enterprises. As part of the transaction, Allianz became a shareholder in Commerzbank.[5]
On 8 January 2009, Commerzbank announced it would receive €10 billion from the German federal government—€2.5 billion as equity (25 % of Commerzbank’s share capital) and €7.5 billion as a loan—under the German financial-rescue program.
In September 2016, Commerzbank announced plans to cut 9,000 jobs between 2016 and 2020 from its workforce of 51,000.
In 2017, German authorities conducted searches at Commerzbank’s offices in connection with investigations into alleged tax-evasion schemes.
In September 2019, Commerzbank, still under financial strain, announced another 4,300 job cuts worldwide and the closure of 200 branches.
In September 2020, Commerzbank named Manfred Knof—formerly head of private clients at Deutsche Bank—as incoming Chief Executive Officer, effective 1 January 2021.[6]
In January 2021, the bank announced plans to cut 10,000 jobs by 2024 and to close 340 of its 790 branches.
In September 2024, UniCredit acquired a 21 % stake in Commerzbank through a series of share purchases, prompting a public dispute with the German government over the attempted takeover.[7]
As of 2019:
- 54 % institutional investors
- 20 % private investors
- 15 % Federal Republic of Germany (through KfW)
- 5 % Cerberus Capital Management
- 3 % BlackRock
- 3 % Norges Bank
At the start of 2009:
- 25 % Federal Republic of Germany (via KfW)
- 14 % Allianz
- 8.8 % Generali
- 36.02 % free float
In 2005:
- 81.8 % free float
- 9.1 % Generali
- 5 % Munich Re
- 3.4 % Santander
- 0.7 % treasury shares
Legal penalties
Violation of U.S. embargoes
In March 2015, Commerzbank reached settlement agreements with multiple U.S. authorities (including the New York Department of Financial Services and the U.S. Department of Justice) related to alleged violations of U.S. economic sanctions on Iran and Sudan and fraudulent transactions involving a Japanese intermediary. The bank agreed to pay a total fine of \$1.45 billion, terminate employees involved, and implement an independent compliance monitor. U.S. regulators criticized Commerzbank’s use of various evasion schemes and its failure to investigate internal alerts.[8]
References
- ↑ (en) Olaf Storbeck, « Commerzbank expects €1bn windfall by 2024 from rising interest rates », sur ft.com, february 17 2022
- ↑ (en) Commerzbank AG - Christina Peric, « Commerzbank AG - Commerzbank's shareholders », sur www.commerzbank.com, 21 septembre 2019 (consulté le 20 février 2020)
- ↑ « How Germany Might Sell Its Commerzbank Stake: Four Scenarios », Bloomberg.com, 27 mars 2018 (lire en ligne, consulté le 27 mars 2018)
- ↑ (en) « Press release - Q4 / FY 2019 results », sur www.commerzbank.com, 13 février 2020 (consulté le 20 février 2020)
- ↑ (en) personnel de rédaction, « Commerzbank's mixed blessing », The Economist, 9 janvier 2009 (lire en ligne, consulté le 9 janvier 2009)
- ↑ « Commerzbank se dote d'un nouveau patron », sur Les Echos, 27 septembre 2020
- ↑ Emmanuel Grasland, « Commerzbank : Berlin hausse le ton face à l'offensive d'UniCredit » Accès payant, sur Les Echos, 23 septembre 2024
- ↑ (en) « Press Release - March 12, 2015: NYDFS Announces Commerzbank to pay $1.45 Billion, Terminate Employees, Install Independent Monitor for Banking Law Violations », sur Department of Financial Services (consulté le 18 août 2020)
See also
- Commerzbank Tower
- comdirect Bank
External links
- Official website: https://www.commerzbank.de/