|Traded as||FWB: CBK|
|Founded||26 Feb 1870|
|Key people||Martin Blessing (CEO and Chairman of the executive board), Klaus-Peter Müller (Chairman of the supervisory board)|
|Products||Retail, commercial and commercial real estate banking|
|Revenue||€9.879 billion (2011)|
|Operating income||€747 million (2011)|
|Profit||€638 million (2011)|
|Total assets||€661.76 billion (2011)|
|Total equity||€24.10 billion (2011)|
Commerzbank AG (German pronunciation: [koˈmɛʁt͡sbaŋk ʔaːˈɡeː], sometimes [kɔˈmɛʁt͡s-]) is a German global banking and financial services company with its headquarters in Frankfurt. It is the second-largest German bank after Deutsche Bank.
Commerzbank is mainly active in commercial bank, retail banking and mortgaging. It suffered reversals in a disastrous foray into investment banking in the early 2000s and eventually closed down its Commerzbank Securities investment banking unit after Chairman Klaus-Peter Müller labelled it a "problem child". What was left of Commerzbank Securities was folded into a division of the commercial bank called Corporates and Markets.
Commerzbank staged a turnaround in the early 2000s under the leadership of Mehmet Dalman.
Commerzbank holds a nationwide network of branch offices throughout Germany and numerous branch offices in the EU and Europe (namely London, Luxembourg, Poland, Spain and Switzerland) and with a leading market share in online banking. EuroHypo is an integral part of Commerzbank but has produced enormous losses.
The bank holds representations and holdings in various commercial and financial centers in Asia and the Americas.
Commerzbank is the second largest lender to shipping companies in Germany. Unfortunately, this has also led to enormous losses due to the worldwide downturn in shipping rates.
Commerzbank was founded in 1870 by individual and merchant bankers in Hamburg, Germany. After merging with Berliner Bank, it moved its headquarters to Berlin in 1905. After World War II, the headquarters first moved to Düsseldorf and, in 1958, to Germany's financial centre, Frankfurt.
The Commerzbank Tower (designed by British architect Norman Foster) was Europe's first ecological skyscraper and also, from its completion in 1997 until 2004, Europe's tallest skyscraper at a height of 259 meters.
Commerzbank was the first German bank to establish a branch in New York City in 1971, however this office was significantly scaled back in 2004 with the demise of its investment banking unit, Commerzbank Securities.
In August 2008, Commerzbank announced that it would purchase 100% of Dresdner Bank from Allianz for €5.5 billion, largely with shares. Dresdner Bank was legally merged with Commerzbank on 11 May 2009 and ceased to be an independent entity.
December 2008 - January 2009: Commerzbank faced collapse and had to be bailed out by the German taxpayer with a cash injection of €18.2 billion from the government.
As of June 2013, Commerzbank's stock price had lost over 98% of its value from its 2007 peak.
- Commerzbank Securities ("ComSec"), investment banking subsidiary shut down circa 2005 after years of heavy losses and a review by consulting firm Mercer Oliver Wyman which concluded that ComSec lacked a viable business model
- In 2009, Dresdner Bank merged into Commerzbank, bringing with it what was left of the Dresdner Kleinwort subsidiary
- In 2010, Commerzbank reneged on pay commitments to Dresdner staff
- mBank, Poland
|This section does not cite any references or sources. (October 2013)|
- The Commerzbank Tower was featured as a default background for the Motorola RAZR cell phone.
- The tower was featured in the Covert Affairs episode: "Levitate Me".
- "Annual Results 2010" (PDF). Commerzbank. Retrieved 24 February 2011.
- [dead link]
- Robinson, Gwen (2 September 2008). "Dresdner deal raises concerns". Financial Times. Retrieved 2008-09-03.
- "Dresdner Bank merged into Commerzbank" (Press release). Commerzbank. 11 May 2009. Retrieved 8 April 2011.
- "COMMERZBANK A G SPON Stock Chart | CRZBY Interactive Chart - Yahoo! Finance". Finance.yahoo.com. 2013-09-22. Retrieved 2013-10-26.
- "comdirect.de". comdirect.de. 2012-05-16. Retrieved 2012-05-21.
- Althaus, Sarah (2004-09-30). "Commerzbank unit chief 'to quit'". FT.com. Retrieved 2013-10-26.
- "Commerzbank culls 900 as losses grow". Efinancialnews.com. 2004-11-09. Retrieved 2013-10-26.
- "The new Commerzbank". About Us. Commerzbank. Retrieved 8 April 2011.
- "Commerzbank Cancels Most Dresdner Kleinwort Bonuses". The Wall Street Journal. 18 February 2009.
- "Collegium Glashütten - Zentrum für Kommunikation". Collegium-glashuetten.de. Retrieved 2012-05-21.
- [dead link]
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