COMMERZBANK AKTIENGESELLSCHAFT

Group Management Report
134
78 Commerzbank Annual Report 2011
Deutsche Schiffsbank now wholly owned
As announced at the beginning of March 2011, Commerzbank Aktiengesellschaft acquired
the remaining approx. 8% minority interest in Deutsche Schiffsbank AG, Hamburg/Bremen
from UniCredit Bank AG at the beginning of November. This means that Commerzbank now
wholly owns Deutsche Schiffsbank, which is one of the world’s leading providers of ship
finance. The transaction was approved by the supervisory authorities. The parties have
agreed to maintain confidentiality about the details of the agreement. Deutsche Schiffsbank
AG will be merged into Commerzbank Aktiengesellschaft in 2012.
Changes in Commerzbank’s Board of Managing Directors
In its meeting on May 19, 2011 the Supervisory Board of Commerzbank agreed to Achim
Kassow’s request to release him from his position on the Board of Managing Directors with
effect from July 12, 2011. Ulrich Sieber has taken over the Central & Eastern Europe segment
from Achim Kassow in addition to his current responsibilities.
At its meeting on August 9, 2011 Commerzbank’s Supervisory Board agreed to Eric
Strutz’s request not to extend his mandate as Chief Financial Officer, which expires at the end
of March 2012. Eric Strutz will continue to carry out his existing responsibilities until the end
of his contract. The Supervisory Board appointed Stephan Engels as his successor at its meeting
on December 2, 2011. Stephan Engels takes up his new function as CFO on April 1, 2012.