Commerzbank

Commerzbank AG
Type Aktiengesellschaft (FWB: CBK)
Industry Financial services
Founded 26 February 1870
Headquarters Frankfurt am Main, 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
Operating income decrease (€2.270 billion) (2009)[1]
Profit decrease (€4.537 billion) (2009)[1]
Total assets €844.1 billion (2009)[1]
Total equity €26.58 billion (2009)[1]
Employees 62,670 (2009)[1]
Subsidiaries Eurohypo, Dresdner Bank, Bank Forum
Website www.commerzbank.com

Commerzbank AG (FWB: CBK) is the second-largest bank in Germany, after Deutsche Bank, headquartered in Frankfurt am Main.

Commerzbank is mainly active in commercial banking, retail banking and mortgaging. It suffered reversals in investment banking and shut its Commerzbank Securities investment banking unit.[2] Investment banking, capital market, equities, and corporate banking operations are now integrated as a [3] division of the Commerzbank group.

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.

The bank holds representations and holdings in various commercial and financial centers in Asia and the Americas.

Contents

Subsidiaries

In 2009 Dresdner Bank merged into Commerzbank, bringing with it the Dresdner Kleinwort subsidiary [5]

In 2010, Commerzbank reneged on pay commitments to Dresdner staff [6]

EuroHypo AG [8]

History

The headquarters tower

Commerzbank was founded in 1870 by individual and merchant bankers in Hamburg. 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 for 5,5 billion Euro, largely with shares.[9] Dresdner Bank was legally merged with Commerzbank on 11 May 2009 and ceased to be an independent entity [10].

Trivia

See also

References

External links