Commerzbank

Commerzbank
Commerzbank AG
Type Aktiengesellschaft (FWBCBK)
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 €1.386 billion (2010)[1]
Profit €1.430 billion (2010)[1]
Total assets €754.30 billion (end 2010)[1]
Total equity €28.66 billion (end 2010)[1]
Employees 59,100 (end 2010)[1]
Subsidiaries Eurohypo, Dresdner Bank, Bank Forum
Website www.commerzbank.com

Commerzbank AG is the second-largest bank in Germany, after Deutsche Bank, headquartered in Frankfurt am Main.

Contents

Activities

Commerzbank is mainly active in commercial bank, retail banking and mortgaging. It suffered reversals in investment banking in early 2000s and scaled back its Securities unit. The investment banking unit was rebuilt later under the banner of Corporates and Markets. The new investment banking unit was hugely successful in many areas including fixed income, commodities, FX and Funds of Hedge Funds (COMAS)[2] Investment banking, capital market, equities, and corporate banking operations are now integrated as a division of the Commerzbank group.[3]

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.

History

The headquarters tower
Commerz Systems in Francfort (builduíng 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 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.[4] Dresdner Bank was legally merged with Commerzbank on 11 May 2009 and ceased to be an independent entity.[5]

December 2008 - January 2009. The German Government is supporting Commerzbank with a loan of up to 18.2 Billion Euros.

Subsidiaries

  • ComDirect Bank[6]

In 2009, Dresdner Bank merged into Commerzbank, bringing with it the Dresdner Kleinwort subsidiary[7]

In 2010, Commerzbank reneged on pay commitments to Dresdner staff[8]

  • Collegium Glashütten[9]

EuroHypo AG[10]

Trivia

See also

References

External links

Factory 1b.svg Companies portal

Wikimedia Foundation. 2010.

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Look at other dictionaries:

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  • Commerzbank — AG Tipo Sociedad anónima Fundación 1870 …   Wikipedia Español

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  • Commerzbank — Création 26 février 1870 Forme juridique Société anonyme …   Wikipédia en Français

  • Commerzbank AG — ▪ German bank       major commercial bank in Germany with branches and associates in domestic and foreign finance and banking. Headquarters are in Frankfurt.       The bank was established in 1870 as the Commerz und Disconto Bank in Hamburg.… …   Universalium

  • Commerzbank Aktiengesellschaft — Commerzbank AG Unternehmensform Aktiengesellschaft ISIN …   Deutsch Wikipedia

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