COMMERZBANK AKTIENGESELLSCHAFT

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Commerzbank AG
fected is Commerzbank’s Brazilian investment banking arm, with its activities in equity derivatives,
commodities, currency and bond trading for private banks and institutional clients.
Deutsche Schiffsbank now wholly owned
As announced in March 2011, Commerzbank Aktiengesellschaft acquired the remaining minority
interest of approx. 8% 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. Dr. 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. Mr. Engels takes up his new function as CFO on April 1,
2012.
Earnings performance, assets and financial position
Income statement
Commerzbank Aktiengesellschaft made a net loss of €–3,619m in 2011 following a net loss
of €–1,151m in the previous year. The loss in 2011 was offset against withdrawals from retained
earnings and capital reserves, producing a net distributable profit for the 2011 financial
year of €0.0. This ensures that hybrid capital instruments coupled to Commerzbank Aktiengesellschaft’s
net distributable profit under the German Commercial Code will not be
written down. No dividend will be paid out for 2011.
The situation at our subsidiary Eurohypo AG was the main reason for the net loss in 2011.
Firstly, Commerzbank Aktiengesellschaft had to assume the loss for the reporting year under
the profit and loss transfer agreement. Secondly, as a result of the deepening European sovereign
debt crisis and more stringent capital requirements, Eurohypo AG’s book value had to
be written down (through a holding company), and this was also reflected in the cost of assuming
its loss.