Commerzbank completes full takeover of comdirect

Commerzbank has successfully completed the full takeover of comdirect bank Aktiengesellschaft (“comdirect”). Today, on 2 November 2020, the merger was entered in the Commercial Register of Commerzbank and therefore became effective. This brings the independence and stock-market listing of comdirect formally to an end. The shares of the remaining comdirect minority shareholders will be transferred to Commerzbank in return for a cash compensation of €12.75 per share within the next few days.
 
Following the merger, Commerzbank and comdirect will initially continue to operate their service offering as before. However, the aim is to merge and expand the offerings of the two banks. The new joint business model still needs to be defined and negotiated with the employee representatives. The previous comdirect locations Quickborn and Rostock will be retained. All employment relationships of comdirect employees that existed on the date of the merger are transferred to Commerzbank.

Disclaimer

This release contains forward-looking statements. Forward-looking statements are statements that are not historical facts. In this release, these statements concern inter alia the expected future business of Commerzbank, efficiency gains and expected synergies, expected growth prospects and other opportunities for an increase in value of Commerzbank as well as expected future financial results, restructuring costs and other financial developments and information. These forward-looking statements are based on the management’s current plans, 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. Such factors include the conditions in the financial markets in Germany, in Europe, in the USA and other regions from which Commerzbank derives a substantial portion of its revenues and in which Commerzbank holds a substantial portion of its assets, the development of asset prices and market volatility, especially due to the ongoing European debt crisis, potential defaults of borrowers or trading counterparties, the implementation of its strategic initiatives to improve its business model, the reliability of its risk management policies, procedures and methods, risks arising as a result of regulatory change and other risks. Forward-looking statements therefore speak only as of the date they are made. Commerzbank has no obligation to 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.