Commerzbank successfully concludes the bankwide project to integrate Dresdner Bank
Cost synergies of more than 1.5 billion euros expected for 2011, 2.4 billion euros p.a. after 2013. Customers will benefit from expanded product range and broader nationwide presence. Martin Blessing: "We have reached the finishing line in record time"
- (1888PressRelease) June 02, 2011 - Commerzbank has successfully concluded the bankwide project to integrate Dresdner Bank in less than 1,000 days. All the important milestones of the biggest integration project ever in German banking history have been achieved as planned. In some areas the Bank has even moved forward more quickly than expected ¿ despite the challenges posed by the global economic situation. "We have reached the finishing line in record time: We are a leading bank for private and corporate customers in Germany. We are a reliable partner and we have a strong base that will allow us further growth in the future," said Martin Blessing, Chairman of the Board of Managing Directors of Commerzbank.
Over Easter 2011, the Bank completed the final major step of the bankwide integration project with the customer and product data migration. All customers now receive the same products and services in all branches. The organisational structure had already been amended by Commerzbank in 2009 and 2010. Thereby some 3,800 management positions were filled and some 45,000 employees were deployed in new functions. The conversion of some 1,600 buildings to the new brand appearance took place from mid-2010 onwards. In the IT sector some 300,000 trading positions were transferred and 1 billion data sets mounted on the systems of Commerzbank.
In connection with the integration of Dresdner Bank, Commerzbank expects annual synergies totalling some EUR 2.4 billion after 2013. For 2011 synergies of more than EUR 1.5 billion are expected for the year as a whole. In 2012 already the cost synergies are likely to exceed EUR 2.1 billion. In terms of reductions of full- time positions Commerzbank is also moving forward as planned. The reduction of some 7,400 full-time positions has already been implemented taking into account all contractual agreements. As already known Commerzbank plans to reduce some 9,000 full-time positions. Enforced redundancies will be excluded until the end of 2013 by achieving the targets.
"We have solidly anchored ourselves locally and are present in all the important global business centres. In 2010, we returned to profitability. That is one year earlier than expected. This shows: Our business model is bearing fruit," said Martin Blessing. "We are in a leading position in the business with SMEs. We intend to realise synergies and reduce costs in our private customer business. 2012 we intend to achieve an operating profit of more than 4 billion euros in a stable market environment and without taking into account the impact of regulatory changes. We also intend to achieve a clear increase in profit subsequently."
With a future total of some 1,200 branches, Commerzbank will have one of the densest branch networks in Germany, offering some 11 million private and corporate customers a clearly expanded product range. Regarding the downstream project work on segment base the systems of Dresdner Bank will be archived and shut down through to the end of 2011. Through to the end of 2012 some 400 pairs of branches will be amalgamated.
Press contact:
Nils Happich +49 69 136 44986
About Commerzbank
Commerzbank is a leading bank for private and corporate customers in Germany. With the segments Private Clients, Mittelstandsbank, Corporates & Markets, Central & Eastern Europe as well as Asset Based Finance, the Bank offers its customers an attractive product portfolio, and is a strong partner for the export-oriented SME sector in Germany and worldwide. With a future total of some 1,200 branches, Commerzbank has one of the densest networks of branches among German private banks. It has above 60 sites in more than 50 countries and serves more than 14 million private clients as well as one million business and corporate clients worldwide. In 2010 it posted gross revenues of EUR 12.7 billion with some 59,000 employees.
Disclaimer
This release contains statements concerning the expected future business of Commerzbank, efficiency gains and expected synergies, expected growth prospects and other opportunities for an increase in value of the company as well as expected future net income per share, restructuring costs and other financial developments and information. These forward-looking statements are based on management¿s current expectations, estimates and projections. They are subject to a number of assumptions and involve known and unknown risks, uncertainties and other factors that may cause actual results and developments to differ materially from any future results and developments expressed or implied by such forward-looking statements. Commerzbank has no obligation to periodically update or release any revisions to the forward-looking statements contained in this release to reflect events or circumstances after the date of this release.
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