Commerzbank

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This article is about the bank headquartered in Frankfurt, Germany. For other companies with similar names, see Commerce Bank.
Commerzbank A.G
Type Aktiengesellschaft
Traded as FWBCBK
Industry Financial services
Founded 26 Feb 1870
Headquarters Kaiserplatz
Frankfurt
Hesse, Germany
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
Total assets €549.7 Billion FYE 2013
Employees 51,782 June 2014
Subsidiaries Eurohypo,
Dresdner Bank
Website www.commerzbank.com

Commerzbank AG is a global banking and financial services company founded in 1870 with its headquarters in Frankfurt Germany.

Commerzbank is Germany's second-largest bank, holding a nationwide network of branch offices, numerous offshore branch offices and representations in more than 50 countries globally which employed a total of 51,782 employees as at June 2014.

Commerzbank offers its clients retail and commercial financing services, investment banking services, asset management & private banking services.

History[edit]

The headquarters tower
Commerz Systems in Frankfurt (building called Golden House)

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 suffered reversals in a disastrous foray into investment banking in the early 2000s and eventually shut down its Commerzbank Securities investment banking unit run by Mehmet Dalman after Chairman Klaus-Peter Müller labelled it a "problem child".[1][2] What was left of Commerzbank Securities was folded into a division of the commercial bank called Corporates and Markets.

In August 2008, Commerzbank announced that it would purchase 100% of Dresdner Bank from Allianz for €5.5 billion, largely with shares.[3] Dresdner Bank was legally merged with Commerzbank on 11 May 2009 and ceased to be an independent entity.[4]

Subsidiaries[edit]

  • 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[6][7]

Other information[edit]

  • 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".

See also[edit]

References[edit]

  1. ^ http://www.nytimes.com/2004/11/10/business/worldbusiness/10bank.html?pagewanted=print&position=&_r=0
  2. ^ http://www.economist.com/news/finance-and-economics/21629559-germanys-flagship-bank-trouble-some-its-own-making-weary-lender
  3. ^ Robinson, Gwen (2 September 2008). "Dresdner deal raises concerns". Financial Times. Retrieved 2008-09-03. 
  4. ^ "Dresdner Bank merged into Commerzbank" (Press release). Commerzbank. 11 May 2009. Retrieved 8 April 2011. 
  5. ^ "comdirect.de". comdirect.de. 2012-05-16. Retrieved 2012-05-21. 
  6. ^ Althaus, Sarah (2004-09-30). "Commerzbank unit chief 'to quit'". FT.com. Retrieved 2013-10-26. 
  7. ^ "Commerzbank culls 900 as losses grow". Efinancialnews.com. 2004-11-09. Retrieved 2013-10-26. 
  8. ^ "The new Commerzbank". About Us. Commerzbank. Retrieved 8 April 2011. 
  9. ^ [1][dead link]

External links[edit]