commerzbank acquires dresdner bank · commerzbank acquires dresdner bank ... shares of commerzbank...
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Frankfurt / September 1, 2008
Commerzbank acquires Dresdner BankSeizing the unique consolidation opportunity
1Frankfurt / September 1, 2008
DisclaimerBy attending the meeting where this presentation is made, or by reading the presentation slides, you agree to be bound by the following limitations:The information in this document has been prepared by Commerzbank for use at a non-deal road show presentation by Commerzbank and does not constitute a recommendation regarding the securities of Commerzbank.No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information, or opinions contained herein. Neither Commerzbank nor any of Commerzbank’s advisors or representatives shall have any responsibility or liability whatsoever (for negligence or otherwise) for any loss howsoever arising from any use of this document or its contents or otherwise arising in connection with this document. The information set out herein may be subject to updating, completion, revision, verification and amendment and such information may change materially.This presentation is based on the economic, regulatory, market and other conditions as in effect on the date hereof. It should be understood that subsequent developments may affect the information contained in this document, which neither Commerzbank nor its advisors are under an obligation to update, revise or affirm.The distribution of this presentation in certain jurisdictions may be restricted by law. Persons into whose possession this presentation comes are required to inform themselves about and to observe any such restrictions. In particular, this presentation may not be distributed into the United States, Australia, Japan or Canada.This presentation contains statements concerning the expected future business of Commerzbank, efficiency gains and synergies expected in connection with the transaction, 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 data. 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 presentation to reflect events or circumstances after the date of this presentation. This presentation constitutes neither an offer to sell nor a solicitation to buy any securities in the United States, Germany or any other jurisdiction. Neither this presentation nor anything contained herein shall form the basis of, or be relied on in connection with, any offer or commitment whatsoever. In particular, this presentation does not constitute an offer to sell or a solicitation of an offer to buy shares of Commerzbank in the United States. Shares of Commerzbank may not be offered or sold in the United States of America absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended. Commerzbank does not intend to conduct a public offering of shares in the United States.
2Frankfurt / September 1, 2008
Seizing the unique consolidation opportunity
Creating a new German banking champion1.
Balanced business mix with focus on retail and SME/corporate banking3.
Significant value creation for our shareholders5.
Enhanced platform for profitable growth2.
Prudent risk policies and sound capitalization4.
3Frankfurt / September 1, 2008
Synergies and integration4.
CommitmentFinancial stability and risk management
Business modelKey transaction termsCreating a German banking champion
3.
6.5.
2.1.
Agenda
4Frankfurt / September 1, 2008
Strategic rationale
GrowthStrong growth prospects in attractive German market
Significantly enlarged distribution platform
Enhanced product capabilities and cross selling potential
Attractive prospects in CEE
Considerable leap through milestone transaction
Profitable business mixBalanced business portfolio
Growth-oriented culture and strategy
Reducing risk profile
Capital allocation to profitable growthEfficiency
Significant scale benefits and efficiency gainsFranchise leverage through brand unificationCapital release from balance sheet reduction
5Frankfurt / September 1, 2008
Financial rationale
Targeted operating synergies and capital release€5bn targeted synergies (NPV)
• €3.6bn operating synergies (NPV)
• €1.4bn capital release (NPV)
Efficiency gains targeted to be fully achieved by 2012
Significant value creation for our shareholders
Investment attractionsEarnings power and stability
Lean and powerful operating platform
Sound capitalization
Pro-forma Tier 1 ratio of ca. 7.6% expected at step 1
Mid-term Tier 1 target ratio 7.0% - 8.0%
Future capital optimization, e.g. through potential share buy-back
Targeted EPS & RoE enhancementEPS accretion expected from 2011 onwardsMid-term target net RoE of at least 15%All business units on profit enhancement path
6Frankfurt / September 1, 2008
Synergies and integration4.
CommitmentFinancial stability and risk management
Business modelKey transaction termsCreating a German banking champion
6.
3.
5.
2.1.
Agenda
7Frankfurt / September 1, 2008
Transaction overviewPurchase price of €8.817bn1); additional contingent deferred consideration of up to €975mPrice to book value of ~1.02)
Transaction in two steps, which achieves immediate control while preserving capital strength
Financing› Dresdner to be merged into Commerzbank, with
Allianz receiving further shares (subject to EGM approval)
› Expected merger exchange ratio of sharesCommerzbank:Dresdner ranges from 1:1.29 to 1:1.56 (resp. value ratio 66:34 to 61:39)
Allianz Commerzbank
Merger
< 30% 4)
Dresdner Bank
Full merger
Note: all share components at Commerzbank share price of €20.80 (one month volume weighted average price)1) Based on value ratio of 63.3%:36.7% per step 1 contributions, merger exchange ratio to be determined in step 22) Dresdner Bank stated book value of €8.7bn as of June 30, 2008. Adjustments to book value at closing of step 1 are likely to include, inter alia, a negative adjustment of €1.2bn due to
the loss of deferred tax assets at Dresdner Bank from change of control and a negative adjustment of €0.2bn in respect of existing goodwill at Dresdner Bank. 3) Timing prior to closing step 1 subject to market conditions4) Expected pro-forma stake of 29.3% - 30.4%. Allianz committed not to exceed 30%5) Exchange for 9.2% stake in Dresdner Bank
Acquisition of 60.2% of Dresdner Bank
Step 2Step 1
Financing› €1.57bn in cash
• financed through a non-preemptive equityoffering of ca. 65.4m shares3), and debt
• Transfer of cominvest to Allianz for €0.7bn5)
› 163.5 m shares to Allianz as contribution in-kind
Dresdner Bank39.8% 60.2%
Allianz Commerzbank18.4%
8Frankfurt / September 1, 2008
Purchase price componentsin € bn
Purchase price for Dresdner Bank of €8.817bn (Commerzbank perspective)
2) Transfer of following assets: cominvest AM GmbH, cominvest S.A., Münchener KAG, MK Lux Invest S.A.; traded for 9.2% stake in Dresdner Bank
Note: All share components at Commerzbank share price of €20.80 per share (one month volume weighted average price)
1) Based on value ratio of 63.3% : 36.7% per step 1 contributions, merger exchange ratio to be determined in step 2
Purchaseprice(net)
8.8171)
cominvest2)
0.700
Cash
1.565
Shares
6.5521)0.975
Contingentdeferred
consideration
9.792
Purchaseprice
(gross)
9Frankfurt / September 1, 2008
5.6663.401
1.565
Purchase price / financing
Commerzbank stake in Dresdner 60.2% 100%
Allianz stake in Commerzbank 18.4%
in € bn
<30%3)
Asset sale / transfer
cominvest
Merger
Contribution in-kind 2)
Contribution in-kindEquity offering 1) /debtFinancing
Step 1 + 2Total
Step 2Shares
Step 1Sub-Total 163.5m SharesCashConsideration
0.700
ca. 8.817 2)ca. 3.151 2)
1) Non-preemptive offering of ca. 65.4m shares. Timing prior to closing step 1 subject to market conditions
3) Expected pro-forma stake of 29.3% - 30.4%. Allianz committed not to exceed 30%2) Based on value ratio of 63.3% : 36.7% per step 1 contributions, merger exchange ratio to be determined in step 2
Note: All share components at Commerzbank share price of €20.80 per share (one month volume weighted average price)
10Frankfurt / September 1, 2008
31/08/2008
Clear transaction timeline
Announcement of transaction
Timeline Transaction
Closing step 1By January 2009
Merger-EGM1)February 2009
Closing step 2Second half 2009
1) invitation after closing of step 1
11Frankfurt / September 1, 2008
Synergies and integration4.
CommitmentFinancial stability and risk management
Business modelKey transaction termsCreating a German banking champion
6.
3.
5.
2.1.
Agenda
12Frankfurt / September 1, 2008
Our business model
Profit trend
IT and BackofficeConsolidation of IT- and service-platform
~€13bn
~0.7bn
Central and Eastern Europe
~€89bn
~€2.3bn
Corporates & Markets
~€1.1bn~€2.8bn~€5.6bnRevenues beforeLLPs 20071), 2)
~€76bn~€89bn~€71bnRWA 20072); 3)
Mittelstands-bank
Revenue growth
Commercial Real Estate
Private & Business
Customers
A well-balanced and profitable business mix
New Commerzbank
1) adjusted by subprime effects, additional revenues of €1.5bn in Others & Consolidation2) according to preliminary target structure3) RWAs according to Basel I
Note: See page 29 of the appendix for detailed pro-forma calculation. The figures shown above reflect a simple aggregation of the relevant figures of Commerzbank and Dresdner Bank, which, in each case, have been derived from the relevant entity's audited consolidated financial statements. The figures do not reflect any pro forma adjustments and have not been prepared on the basis of the general principles of the Institut der Wirtschaftsprüfer in Deutschland e.V. (German Institute for Public Auditors) (IDW) regarding the preparation of pro forma financial information (IDW Accounting Practice Statement: Preparation of Pro Forma Financial Information (IDW AcPS AAB 1.004) (IDW Rechnungslegungshinweis: Erstellung von Pro-Forma-Finanzinformationen (IDW RH HFA 1.004)).
Estimates
13Frankfurt / September 1, 2008
Largest German branch network
Private & Business Customers: Leading German retail and private bank in expansion mode
1) Center branches2) Ex OLB, ex Allianz Banking branches
Commerzbank New
DPB
DB
HVB
Commerzbank
Dresdner
Target: ~1,200 branches
Creating the No. 1 Retail bank and theNo. 2 Private Wealth Manager in Germany
11 million private clients in Germany
Comprehensive nationwide branch network
Franchise benefits through Allianz partnership
Funding stability from larger deposit base
High quality earnings stream from stronger position in wealth management
Clear No. 1 in German retail banking
1,540
986
8551)
846
820
1,0747202)
Enhanced platform provides further leverage to focus on client growth
14Frankfurt / September 1, 2008
Mittelstandsbank: Germany‘s leading Mittelstand bank leveraging the successful franchise
Market share leader in Germany
Strongest customer franchise in Germany
More quality relationships to German corporates than any other bank
Full integration of highly complementary domestic customer bases
Dresdner Bank foreign activities enhance international capabilities
Excellent cultural fit
Clear No. 1 SME bank in Germany
Business model based on successful Commerzbank strategy
1) range due to double counting
7%
6% 11-13%1)
Commerzbank Dresdner Bank Commerzbanknew
15Frankfurt / September 1, 2008
Activities tailored around core client base
13.7 m private clients
>100,000 corporate & institutional clients
Corporates & Markets:Strictly client-centric business model – right sizing strategy
Premium provider of selected products and services including
› Equity Derivatives
› Corporate Finance
› Debt Products
› Corporate Risk Advisory
Leading investment banking provider toGerman corporates and institutions
Focus on products relevant to client base
Strong reduction of prop trading activities
Considerable reduction of balance sheet
Significant cost reduction and capital release mitigates lower revenues
Integrating existing Public Finance activities
Proven and successful right-sizing track-record
Transfer of corporate and relevant retail activities of DKIB into respective business units
Clear strategy for repositioning
Focused and de-risked business committed to profitability
16Frankfurt / September 1, 2008
› Allianz Global Investors preferred partner for AM products
› Allianz acquires cominvest as part of the transaction
› Continued commitment to open architecture
› Allianz exclusive insurance partner with long term cooperation agreement
› Commerzbank contract with Generali not to be extended
› Partnership benefiting from Allianz´s broad expertise in bancassurance
› Access to 11m private clients in Germany
› Clear production targets and fee agreements for life and P&C insurance
Cooperation with Allianz: No. 1 provider of insurance products in Germany and a leader in Asset Management
Bancassurance
Asset Management
17Frankfurt / September 1, 2008
Synergies and integration4.
CommitmentFinancial stability and risk management
Business modelKey transaction termsCreating a German banking champion
6.
3.
5.
2.1.
Agenda
18Frankfurt / September 1, 2008
Targeted synergies: value creation ~ €5bn (NPV)
Commercial Banking
(incl.back Office)
Investment Banking
(incl. back Office)
€ m p.a., pre tax, fully phased
› Clear synergy case in commercial banking
› Restructuring case: rightsizing / closure of unattractive business lines
› Capital release of €1.7bn (€1.4bn NPV) due to de-risking
Key insights
Synergies create compelling deal logicRevenue
dis-synergies
0
-1,080
€-1,080m
NPV
€ 4.5 bn
€ -0.9 bn
Total € 0.5 bn
Capital € 1.4 bn
€5.0bn
Synergies incl. restructuring
Costssynergies
Front office 350
Back office
500
€1,900m
Front office 650
Back office
400
Note: total restructuring charges pre tax ~€2bn
Synergies incl. restructuring
Net €820m pre-tax p.a.
19Frankfurt / September 1, 2008
Realisation of targeted synergies over time: Cost reduction expected to be largely achieved in 2011Retail & Corporate Banking
› Quick phasing of €850m run-rate p.a. cost synergies: 70% realized by 2011
› Revenues broadly flat in fully phased state, slight dis-synergies in 2009 to 2011
› Restructuring charges of €1.25bn
Investment Banking
› Restructuring case: deliberate reduction of revenues in IB following rightsizing / de-risking strategy
› 90%-phasing of cost reduction achieved by 2011
› Capital release of €1.7bn as a clear benefit due to de-risking
› Restructuring charges of €0.75bn
Restructuring Investment Banking ∆ in € m based on adjusted 2007 figures (pre tax)
Synergies in Private & Corporate Clients ∆ in € m based on adjusted 2007 figures (pre tax)
270650
960 1.050
-430-860 -1.080 -1.080
-160 -210 -120 -30
2009p 2010p 2011p 2012p
Cost synergies IB Revenue (dis-) synergies IB Net synergies IB
30200
600
810
10120
560
820
2009p 2010p 2011p 2012p
Cost Synergies Commercial Revenue (dis-)-synergies Commercial Net Synergies Commercial
70% 95%
% of total cost synergies 90% 100%
% of total cost synergies
-70 -40 -80 -40
20Frankfurt / September 1, 2008
Targeted cost synergies overview
Personnel cost ~50% of cost synergies; other operating costs ~50% of total cost synergies
Cost synergies (pre tax)in € m
FTE
Reduction in percentage of respective pro-
forma in approximated
target structure
Note: preliminary calculation
PBC
Mittelstandsbank
Service-Platform
Corporate Center
Corporates & Markets
Total
~15%
~40%
~25%
~25%
~10%~250
~100
~650
~625
~275
~1,900
~2,250
~750
~1,300
~2,750
~1,950
~9,000
2,0001,5001,0005000 10,0007,5005,0002,5000
~15%
21Frankfurt / September 1, 2008
Targeted integration process: rapid phasing of targeted synergies
2009 2010 2011 2012Run-up of Integration Full implementation
16%
44%
82%
~100%
Phasing of cost synergies
Closing Step 2
ClosingStep 1
After restructuring and downsizing-measures target CIR ~60% by 2011
22Frankfurt / September 1, 2008
Synergies and integration4.
CommitmentFinancial stability and risk management
Business modelKey transaction termsCreating a German banking champion
6.
3.
5.
2.1.
Agenda
23Frankfurt / September 1, 2008
€361bn€14.0bn
Well-balanced business portfolio withPBC and MSB as most important pillarsRevenue before LLPs split by segments RWA1) split by segments
Commerzbank Dresdner2) Commerzbank new
Trend
PBCMSB
C&MCRE
CEE
O&C
2007
Commerzbank new
Commerzbank Dresdner2)
Trend
2007
1H 2008: RWA (Basel II) at €320bn
1) RWAs according to Basel I2) Dresdner adjusted to Commerzbank preliminary target structure3) As stated, including subprime effects
Estimates
~11%
~13%
~15%
~8%
~19%
~34%
€8.4bn
~8%
~21%
~50%
€5.6bn3)
~10%~8%
~17%
~5%
~20%
~40%
€241bn €120bn
7%
31%
15%6%
25%
16%
6%
21%
24%
4%
25%
20%
6%
44%
24%
26%
~21%
24Frankfurt / September 1, 2008
› Pro-forma Tier 1 ratio of ca. 7.6% expected at step 1› Pro-forma core Tier 1 ratio of ca. 6.0% expected at step 1
Significant decrease of non-core assets by 2011
Pro forma post acquisition (based on 2007) Target 2011
Ca. €800bn Assets & Liabilities
~55%
~45%
~55%
~15%
~30%
~45%
~10%
~15%
~10%
~15%
~30%
~10%
~30%
~15%
~10%
Capital
Ca. €1,100bn Assets & Liabilities
Public Finance
Commercial Banking
Trading and Financial Assets
(Securities, Derivatives,
Reverse Repos)
Trading Liabilities, Derivatives, Repos
Covered Bonds
Money Market
Customer Deposits
Senior Unsecured
Capital
Commercial Banking
Trading, Financial and Public FinanceAssets (Securities,
Derivatives, Reverse Repos)
Trading Liabilities, Derivatives, Repos
Covered Bonds
Money Market
Customer Deposits
Senior Unsecured
Capital
› Mid-term Tier 1 target range 7.0% – to 8.0%› Less dependence on wholesale funding
~5%~5%
Note: See page 29 of the appendix for detailed pro-forma calculation. The figures shown above reflect a simple aggregation of the relevant figures of Commerzbank and Dresdner Bank, which, in each case, have been derived from the relevant entity's audited consolidated financial statements. The figures do not reflect any pro forma adjustments and have not been prepared on the basis of the general principles of the Institut der Wirtschaftsprüfer in Deutschland e.V. (German Institute for Public Auditors) (IDW) regarding the preparation of pro forma financial information (IDW Accounting Practice Statement: Preparation of Pro Forma Financial Information (IDW AcPS AAB 1.004) (IDW Rechnungslegungshinweis: Erstellung von Pro-Forma-Finanzinformationen (IDW RH HFA 1.004)).
25Frankfurt / September 1, 2008
Risk clearly identified and deemed manageable
› Dresdner’s credit books (retail and customer clients) comparable following successful portfolio realignment by Institutional Restructuring Unit (IRU)
Credit books
› Investment banking, i.e. primarily ABS (monoline), SIV/ conduits and LBO› Market risks
Main focus of DD
› Focus on critical sub-portfolios “Structured ABS” and “Monoline“ in the amount of approx. notional €4.9bn via a “trustee-model“ (cash deposit)
– First loss-piece of Commerzbank = €275m– Second Loss-piece of Allianz = €975m
› Subject to portfolio performance
Contingent deferred consideration
› Overall risks appear manageable› De-risking- / rightsizing-strategy for sub-portfolios (IB and CRE)› With its risk know-how and track record, Commerzbank is well-prepared
for the acquisition
Overall assessment
26Frankfurt / September 1, 2008
Synergies and integration4.
CommitmentFinancial stability and risk management
Business modelKey transaction termsCreating a German banking champion
6.
3.
5.
2.1.
Agenda
27Frankfurt / September 1, 2008
Our commitment
The acquisition will deliver considerable value to our shareholders1.
We will continue to focus on our clients and gaining market share3.
Our corporate culture based on respect and integrity will guide our behaviour of bringing the two organizations together5.
We have set a clear roadmap for integration2.
We will continue our conservative risk management strategy 4.
28Frankfurt / September 1, 2008
Appendix
29Frankfurt / September 1, 2008
Pro Forma Zahlen Konzern H1 2008
Note: The figures shown above reflect a simple aggregation of the relevant figures of Commerzbank and Dresdner Bank, which, in each case, have been derived from the relevant entity's audited consolidated financial statements. The figures do not reflect any pro forma adjustments and have not been prepared on the basis of the general principles of the Institut der Wirtschaftsprüfer in Deutschland e.V. (German Institute for Public Auditors) (IDW) regarding the preparation of pro forma financial information (IDW Accounting Practice Statement: Preparation of Pro Forma Financial Information (IDW AcPSAAB 1.004) (IDW Rechnungslegungshinweis: Erstellung von Pro-Forma-Finanzinformationen (IDW RH HFA 1.004)).
Note: as stated, without takeout of consolidation effects; including subprime effects at Commerzbank of €0.5bn and Dresdner Bank of €1.4bn
Group 1.1.-30.6.2008 Commerzbank Dresdner Commerzbankin € m old Bank newNet interest income 2.198 1.399 3.597Provision for possible loan losses -589 -76 -665Net interest income after provisioning 1.609 1.323 2.932Net commission income 1.449 1.162 2.611Trading profit 548 -1.147 -599Net investment income -112 103 -9Other income 120 0 120Revenues after provisioning 3.614 1.442 5.056Operating expenses 2.695 2.303 4.998Operating Result 919 -861 58Restructuring expenses -25 15 -10Pre-tax profit 894 -846 48Taxes on income -306 152 -154Consolidated surplus 1.200 -998 202 attributable to minority interests 103 31 134 attributable to Commerzbank shareholders 1.097 -1.029 68
Risk-weighted-assets (Basel II; EoP) 218,6 104,8 323,4FTE (EoP) 35.931 25.362 61.293
30Frankfurt / September 1, 2008
Integration process: 3-phase-model of integration to ensure synergy realization
Pre Closing-Phase
Change of control-Phase
Post merger phase
Signing Closing Step 1 Closing Step 2
› Implementation of all HR measures
› Full implementation of all integration activities
› Group steering functions with joint management boards
› Prepare back office-optimisation (e.g. payments, securities processing, IT)
› IB: Accelerate de-risking portfolio and rightsizing teams
› Retail/SME: Prepare implementation of new front-office organisation
› Negotiation of reconciliation of interests and social compensation plan
› Establish joint teams to design and prepare integration
› Develop stabilisation concept
› Develop concepts for functional models of Front office and Back office integration modules
Integrationsteps
ImplementationPrepare implementationDesign conceptsFocus
31Frankfurt / September 1, 2008
Manageable funding plan 2009 – targeted volume approx. €25bn
Covered Bonds ~50% (€11-13bn) Unsecured ~50% (€10-14bn)
ÖffentlichePfandbriefe &
Lettres de Gage
40-50%
20-30%
25-35%
Subordina-ted Debt
StructuredNotes
30-40%
Private Placements30-40%
Public Issuance
10-20%
Hypotheken-pfandbriefe
Jumbo Pfandbriefe
10-20%
› Limited public issuance required› Focus on private placements and structured
notes› Capitalize on both banks’ funding franchises
› 2-3 Jumbo Pfandbriefe from Eurohypo› Focus on Mortgage Pfandbriefe› Continued utilization of domestic and
registered Pfandbrief markets
32Frankfurt / September 1, 2008
Growth in client deposits = further strengthening of liquidity base
88,6
81,1
65,9
72,6
Dec `06 Jun `07 Dec `07 Jun `08
+ €23bn
Deposit volume (Commerzbank Group) in € bn
Rapidly growing deposit base...
›Number of retail clients +23% in same period
Funding Planin € bn
7
41
16
14157-86-7
7 4-5
2006(Standalone
CBK)
2007(Standalone
CBK)
2008e(Standalone
CBK)
2009e(Combined
Entity)UnsecuredMortgage Covered BondsPublic Sector Covered Bonds
... only partially used for reduction of unsecured funding needs
63
37
<20 ~25
Unsecured- €6bn
33Frankfurt / September 1, 2008
Maturing assets > liabilitiesMaturing liabilities > assets
Assets
Liab
ilitie
s
Maturingliabilities > assets
Maturingassets > liabilities
As of 30.06.08
Unsecured Funding Matrix CB Group Sound Funding & Liquidity Position
› Sound funding structure in all maturity buckets – liability profile “longer” than asset profile
› All franchise assets long-term funded
› Substantial liquidity portfolio consisting of high quality assets
›100% FED / ECB eligible, liquid repo market exists for majority of assets
›Dedicated funding structure
› Incremental funding potential from institutional and client sources available
› Well buttressed against liquidity stress scenarios
Commerzbank enters transition period with strong funding and liquidity position
0-1Y 1-2Y 2-3Y 3-4Y 4-5Y 5-6Y 6-7Y 7-8Y 8-9Y 9-10Y > 10Y
0-1Y
1-2Y
2-3Y
3-4Y
4-5Y
5-6Y
6-7Y
7-8Y
8-9Y
9-10Y
> 10Y
Frankfurt / September 1, 2008
Jürgen Ackermann (Head of IR)P: +49 69 136 22338M: [email protected]
Sandra Büschken (Deputy Head of IR)P: +49 69 136 23617M: [email protected]
Michael KleinP: +49 69 136 24522M: [email protected]
Wennemar von BodelschwinghP: +49 69 136 43611M: [email protected]
Ute Heiserer-JäckelP: +49 69 136 41874M: [email protected]
Simone NuxollP: +49 69 136 45660M: [email protected]
For more information, please contact Commerzbank´s IR team:Stefan PhilippiP: +49 69 136 45231M: [email protected]
Karsten SwobodaP: +49 69 136 22339M: [email protected]
www.ir.commerzbank.com