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Commerzbank AG — Investor Presentation 2015
May 7, 2015
81_ip_2015-05-07_1175b835-6957-4db8-9cf3-0b82654e0d1f.pdf
Investor Presentation
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Figures – Facts – Targets
Overview Commerzbank Group
Group Investor Relations | Frankfurt am Main | 7 May 2015
Taking into account the changed market environment, Commerzbank has set up its new strategic agenda at Investors' Day 2012
Strategic Agenda: Our financial goals for 2016
| T t a r g e s |
I ' t n e s o r s v D 2 0 1 2 a y |
T 2 0 1 6 t a r g e s |
|---|---|---|
| C N A d r n o n u w - |
€ 9 3 b n |
€ b 2 0 n ~ ) 2 ( C R E S h i F i ) + p n a n c e |
| B l I I I C E T f l l h d i 1 a s e p a s e n u y - |
( h i ) 9 % p a s e n > - |
1 0 % > |
| C C I R B k o r e a n , |
6 0 % ~ |
6 0 % ~ |
| 1 ) R E C B k ( f ) t t o o r e a n a e r a x , |
1 0 % > |
1 0 % > |
| L i f l l h d i t e e r a g e r a o p a s e n v u y - |
- | 4 % ~ |
1) Based on implicit tax rate 2) Deutsche Schiffsbank
Segment structure of Commerzbank Group
| C b k G o m m e r a n r o p z u |
||||||
|---|---|---|---|---|---|---|
| C B k o r e a n |
||||||
| C P ( Pr iva C ) te to us m er s |
S M B ( M i ls ds ba k ) t te ta n n |
C E E ( C l & Ea Eu ) tra te en s rn ro p e |
C & M ( C & M ke ) te ts or p or a s ar |
C N A C ( No As ) ts n- or e se |
||
| Pr iva C te to › us m er s P C No he Re io t › r rn g n C P Ea Re io te › s rn g n C C P l Re io tra › en g n C P W Re io te › es rn g n C S P he Re io t › ou rn g n D ire Ba k in t › c n g C Re l › om m er z a |
C Ba k in te › or p or a n g M S B No he Re io t › r rn g n S M B Ea Re io te › s rn g n S C M B l Re io tra › en g n S M B W Re io te › es rn g n S S M B he Re io t › ou rn g n S M B In io l te t › rn a na C ba k › om m er z n Tr io S ice t an sa c n er s v F in ia l In i io t tu t + an c s ns |
Ba k › m n |
C F in te › or p or a an ce Eq i M ke & ty ts › u ar C d i ie t om m o s F ixe d In & › co m e C ie ur re nc s C d i Po fo l io t t › re r M t an ag em en C l ie Re la io h ip t t › n ns M t an ag em en Re h › se ar c |
C ia l Re l › om m er c a Es ta te De he ts › u c S h i f fs ba k c n Pu b l ic F in › an ce |
||
Management functions are bundled into the Group Management division.
The support functions of Group Information Technology, Group Organisation & Security, Group Banking Operations,
Group Markets Operations, Group Delivery Center and Group Excellence & Support are provided by the Group Services division.
Core Bank business models
Private Customers: Transformation of business modell gaining momentumShare avg. capital
- › Strong retail franchise with significant increase in market coverage after merger: 1,200 branch locations and 11m clients
- › Comdirect is No. 1 online broker in Germany
- › Top-3 position in German Wealth Management
- › Transformation of business initiated, visible improvement
CEE: Focus on our strengths
- › Strong market presence of mBank in attractive growth market Poland with more than 4.8m customers
- › Cooperation with Orange Polska for mobile banking services and strategic partnership with AXA for distribution of insurance products
- › More than 600,000 new customers gained in retail banking since end of 2012
22%
20.7%
Q1 14 Q1 15
Operating RoTE
Core Bank
15%
Higher capital allocation to strong core banking franchise basis for strengthening our earnings capacity
| A i l l d i Q 1 2 0 1 5 t v g c a p a e m p o y e n in € bn |
P l d h i a n n e c a n g e n i l l l i t t c a p a a o c a o n 2 0 1 3- 2 0 1 6 |
S i l t t r a e g c g o a s |
I ' D t n e s o r s a v y – 2 0 1 6 t t a r g e s |
||
|---|---|---|---|---|---|
| P C |
4. 1 |
T f i h b i t r a n s o r m n g e s n e s s u d l f i i f i i t m o e o r s g n c a n n c r e a s e i f f i i d f i b i l i t t n e c e n c a n p r o a y y |
) 2 R E 1 2 % o > C I R 8 0 % < |
||
| M S B |
8. 2 |
L d i d e v e r a g e a n g r o w u n q u e a n f l b i d l s u c c e s s u u s n e s s m o e |
2 ) R E 2 0 % o > C I R 4 5 % < |
||
| C E E |
1. 8 |
S l i i h t t e e c v e o r g a n c g r o w |
) 2 R E 1 5 % o > C I R 5 5 % < |
||
| C & M |
4. 6 |
1 ) |
C f f i i l i i t t o n n u e c a p a e c e n c y M i i f i b i l i d t t t a n a n p r o a a n g r o y w l i l t s e e c e v y |
) 2 5 R E 1 % o > C I R 6 5 % < |
EaD target of €~20bn for CRE and Ship Finance1) –Public Finance with held-to-maturity strategy
Results and RoTE per quarter
Results in €m; RoTE in %
Commerzbank financials at a glance
| G ro up |
Q 1 2 0 1 4 |
Q 4 2 0 1 4 |
Q 1 2 0 1 5 |
|---|---|---|---|
| Op ( ) ing l €m t t er a re su |
3 2 4 |
-2 4 0 |
6 8 5 |
| 1) Ne l ( €m ) t r t es u |
2 0 0 |
-2 6 1 |
3 6 6 |
| C E T io B ha -in ( ) 1 t 3 % ra p se |
1 1. 3 |
1 1. 7 |
2) 1 1. 3 |
| C E T io B fu l ly ha d- in ( ) 1 t 3 % ra p se |
9. 0 |
9. 3 |
2) 9. 5 |
| To l a ( € bn ) ta ts ss e |
4 5 7 |
8 5 5 |
6 0 5 |
| R W A B 3 fu l ly ha d- in ( € bn ) p se |
2 1 8 |
2 1 4 |
2 2 2 |
| ( fu ) ( ) Le io l ly ha d- in ise d les % t ve ra g e ra p se re v ru |
3. 2 |
3. 6 |
3. 7 |
| Co / ( ) inc io % t t s om e ra |
7 5. 1 |
9 6. 3 |
6 9. 7 |
| Ro E f n l ( ) % t r t o e es u |
3. 1 |
-3 9 |
5. 5 |
| Ne Ro T E ( ) t % |
3. 4 |
-4 4 |
6. 2 |
| Co Ba k ( in l. O & C ) re n c |
Q 1 2 0 1 4 |
Q 4 2 0 1 4 |
Q 5 1 2 0 1 |
| Op ( ) ing l €m t t er a re su |
4 9 8 |
-5 6 |
7 7 1 |
| Op ( ) Ro E % |
1 0. 7 |
-1 1 |
1 5. 4 |
| Op Ro T E ( ) % |
1 2. 8 |
-1 3 |
1 8. 2 |
| C I R ( ) % |
7 2. 9 |
9 7. 3 |
6 8. 8 |
| N C A |
Q 1 2 0 1 4 |
Q 4 2 0 1 4 |
Q 5 1 2 0 1 |
| Op ing l ( €m ) t t er a re su |
-1 4 7 |
-1 8 4 |
-8 6 |
| 3) Ea D inc l. N P L lum C R E d S h ip F ina ( € bn ) vo e an nc e - |
4 6 |
3 2 |
3 0 |
1) Attributable to Commerzbank shareholders 2) Includes net profit of Q1 2015 excl. dividend accruel3) Deutsche Schiffsbank
Commerzbank Group's income statement
| 1. 1. -3 1. 3. 2 0 1 5 |
1. 1. -3 1. 3. 2 0 1 4 |
C ha |
ng e |
|
|---|---|---|---|---|
| in € m |
in € m |
in € m |
in % |
|
| Ne in in t te t re s co m e |
1, 4 9 8 |
1, 1 3 0 |
3 6 8 |
3 2. 6 |
| Lo lo is io an ss p ro v ns |
-1 5 8 |
-2 3 8 |
8 0 |
3 3. 6 |
| Ne in in f lo lo is io t te t te re s co m e a r an ss p ro ns v |
1, 3 4 0 |
8 9 2 |
4 4 8 |
5 0. 2 |
| Ne iss io in t c om m n co m e |
9 0 0 |
8 1 5 |
8 5 |
1 0. 4 |
| Ne d in in in fro he dg t tra t t. g co m e+ ne co m e m e ac co un |
1 9 5 |
4 0 8 |
1 1 1 |
2 2 7. |
| Ne in in t tm t ve s en co m e |
-1 2 8 |
-3 8 |
-9 0 |
|
| C in fro ie d fo t n t te ur re n e co m e m c om p an s ac co un r in he i ho d t ty t us g e q u m e |
1 4 |
1 3 |
1 | 7. 7 |
| O he in t t r n e co m e |
-2 1 |
-6 8 |
4 7 |
6 9. 1 |
| In be fo lo lo is io co m e re an ss p ro v ns |
2, 7 8 2 |
2, 2 6 0 |
5 2 2 |
2 3. 1 |
| O in t p er a g ex p en se s |
1, 9 3 9 |
1, 6 9 8 |
2 4 1 |
1 4. 2 |
| O in l t t p e ra g re su |
6 8 5 |
3 2 4 |
3 6 1 |
|
| Re in tru tu s c r g ex p en se s |
6 6 |
- | 6 6 |
|
| Pr f i lo ta t o e- x p ro r s s |
6 1 9 |
3 2 4 |
5 2 9 |
9 1. 0 |
| Ta in xe s on co m e |
2 1 8 |
9 5 |
1 2 3 |
|
| C l i d d f i lo te t o o ns o a p ro r s s |
4 0 1 |
2 2 9 |
1 2 7 |
5. 1 7 |
| i bu b le l l in in t tr ta to tro te ts a n on -c on g re s - |
3 5 |
2 9 |
6 | 2 0. 7 |
| C i bu b le B K ha ho l de t tr ta to - a s re rs |
3 6 6 |
2 0 0 |
1 6 6 |
8 3. 0 |
Breakdown of assets and liabilities – Commerzbank Group
1)After provisions
Group Investor Relations | Frankfurt am Main | 7 May 2015
Claims on customers1)
Risk-weighted assets and capital ratios
RWA (Basel III fully phased-in) in €bn; Ratios in %
Distribution of PD-rating by rating classes and segments
as of 31.3.2015, in %
Group equity composition
| Ca i l ta p Q 4 2 0 1 4 En d o f p io d er € bn |
Ca i l ta p Q 1 2 0 1 5 En d o f p io d er € bn |
Ca i l ta p Q 1 2 0 1 5 Av era g e € bn |
||||
|---|---|---|---|---|---|---|
| Co i ie 1 B 3 c i l ( ha in ) ty t ta m m on e q r ap p se u |
2 5. 1 |
2 5. 1 |
4) | C io p E T 1 r t a -in ha se : |
1 1. 3 % |
|
| 1) Tr i ion d j t tm ts an s a us en |
5. 2 |
4. 0 |
||||
| Co ( ) i ie 1 B 3 c i l fu l ly ha d- in ty t ta m m on e q u r ap p se |
1 9. 9 |
2 1. 1 |
2 0. 4 |
4) | C Op Ro E T: |
1 3. 4 % |
| D T A |
1. 5 |
1. 2 |
io fu C E T 1 r t a l ly ha d- in p se : |
5 9. % |
||
| De du ion i iza ion t t t c s o n s ec ur s |
0. 4 |
0. 3 |
||||
| De du ion la d l l ing in t te to tro te ts c s re no n-c on res |
0. 4 |
0. 4 |
||||
| I R B ho fa l l t s r |
0. 8 |
0. 9 |
||||
| O he la d j t to tm ts r r eg u ry a us en |
0. 9 |
1. 0 |
||||
| Ta i b le i ty ng eq u |
2 3. 9 |
2 5. 1 |
2 4. 5 |
4) | Op Ro T E: |
1 1. 2 % |
| Go dw i l l a d in i b le ta ts o n ng as se |
3. 1 |
3. 1 |
3. 1 |
Pr ta Ro E: e- x |
9. 0 % |
|
| I F R S i l ta ca p |
2 7. 0 |
2 8. 1 |
2 7. 5 |
4) | Op Ro E: |
1 0. 0 % |
| Su bs i be d c i l ta cr ap |
1. 1 |
1. 1 |
||||
| Ca i l re ta p se rve |
1 5. 9 |
1 5. 9 |
||||
| 2) Re ine d e ing ta ar n s |
1 0. 6 |
1 0. 2 |
4) | |||
| Cu la ion tra t rre nc y ns re se rve |
-0 2 |
0. 1 |
||||
| Re lua ion t va re se rve |
-1 0 |
-0 5 |
||||
| Ca h f low he dg s es |
-0 2 |
-0 2 |
||||
| Co l i da d P & L te ns o |
-0 3 |
0. 4 |
3) | |||
| I F R S i l w i ho l l in in ta t t n tro te ts ca p u on -c on g re s |
2 6. 1 |
2 1 7. |
2 6. 6 |
4) | Ro E l t r t: on n e es u |
5. 5 % |
| No l l ing in ( I F R S ) tro te ts n-c on res |
0. 9 |
1. 0 |
0. 9 |
Ro T E t r l t: on n e es u |
6. 2 % |
Note: Numbers may not add up due to rounding 1) Include mainly AT1 positions and phase-in impacts 2) Excluding consolidated P&L 3) Includes net profit of Q1 2015 4) Excl dividend accrual
Segment Reporting for Q1 2015
| in € m |
P C |
M S B |
C E E |
C M |
O & C |
Co re Ba k n |
N C A |
G ro up |
|---|---|---|---|---|---|---|---|---|
| To l Re ta ve nu es |
9 1 4 |
7 6 3 |
2 5 4 |
6 6 6 |
6 9 |
2, 6 6 6 |
1 1 6 |
2, 7 8 2 |
| /w To l n in d d ing in ta t te t a t tra o e re s n ne co m e |
4 3 5 |
4 2 7 |
1 5 5 |
1 5 7 |
8 7 |
1, 1 1 7 |
3 0 6 |
2, 0 1 7 |
| /w Ne iss io inc t c o om m n om e |
4 9 5 |
2 9 2 |
4 7 |
1 0 2 |
-5 | 8 9 5 |
5 | 9 0 0 |
| /w O he inc t o r om e |
2 0 |
-1 | 2 5 |
-7 | -4 | 6 0 |
-1 9 5 |
-1 3 5 |
| Pr is io fo i b le loa los ov n r p os s n se s |
-1 3 |
-3 5 |
-2 3 |
4 7 |
-3 7 |
-6 1 |
-9 7 |
-1 8 5 |
| O ing t p er a e xp en se s |
4 0 7 |
3 8 3 |
1 1 5 |
4 1 3 |
1 8 3 |
1, 8 3 4 |
1 0 5 |
1, 9 3 9 |
| /w Eu Ba k Le o ro p ea n n vy |
1 5 |
4 4 |
5 | 6 5 |
1 1 |
1 4 0 |
2 7 |
1 6 7 |
| O in f i t t p er a g p ro |
1 6 1 |
3 4 5 |
1 1 6 |
3 0 0 |
-1 5 1 |
7 7 1 |
-8 6 |
6 8 5 |
| Im irm dw i l l ts p a en o n g oo |
- | - | - | - | - | - | - | - |
| Re in tru tu s c r g ex p en se s |
- | - | - | 5 0 |
- | 5 0 |
1 6 |
6 6 |
| fro f Ne in los le d is l g t g a or s m s a o p os a ro up s |
- | - | - | - | - | - | - | - |
| Pr f i ta t e- p ro x |
1 6 1 |
3 4 5 |
1 1 6 |
2 5 0 |
-1 5 1 |
2 1 7 |
-1 0 2 |
6 1 9 |
| As ts se |
7 4, 1 5 0 |
9 1, 4 8 7 |
3 0, 1 8 2 |
2 2 2, 3 9 1 |
8 6, 7 3 9 |
5 0 4, 9 4 9 |
1 0 0, 3 0 3 |
6 0 5, 2 5 2 |
| L ia b i l i ies t |
1 0 0, 7 0 2 |
1 4 1, 1 8 1 |
2 5, 0 9 3 |
1 9 3, 6 0 1 |
9 1, 7 7 7 |
5 5 2, 3 5 4 |
5 2, 8 9 8 |
6 0 5, 2 5 2 |
| Av i l e loy d ta er ag e ca p m p e |
4, 1 4 4 |
8, 1 9 1 |
1, 8 4 3 |
4, 6 2 4 |
1, 1 6 4 |
1 9, 9 6 6 |
7, 5 5 9 |
2 7, 5 2 4 |
| R W A d i is k fu l ly ha d in ( d f p io d ) t r cr e p se en o er |
1 8, 4 2 5 |
6 6, 6 0 0 |
1 4, 3 9 1 |
2 1, 5 2 4 |
1 6, 0 4 9 |
1 3 6, 9 9 0 |
3 9, 0 3 4 |
1 7 6, 0 2 4 |
| R W A ke is k fu l ly ha d in ( d f p io d ) t r m ar p se en o er |
2 8 7 |
1, 2 0 6 |
8 5 5 |
1 1, 9 2 0 |
3, 4 5 7 |
1 9 8 7, 5 |
4, 1 2 5 |
2 2, 4 1 7 |
| R W A io l r is k fu l ly ha d in ( d f p io d ) t op er a na p se en o er |
6, 8 9 9 |
3, 8 4 5 |
7 6 0 |
5, 7 1 7 |
3, 8 8 2 |
2 1, 1 0 3 |
1, 9 5 0 |
2 3, 0 5 3 |
| R W A fu l ly ha d in ( d f p io d ) p se en o er |
2 6, 0 5 1 |
1, 6 5 1 7 |
1 5, 0 9 7 |
3 9, 1 6 1 |
2 3, 4 8 7 |
1 6, 0 5 1 7 |
4 5, 4 9 7 |
2 2 1, 5 4 7 |
| Co / inc io ( % ) t t s om e ra |
8 1. 0 % |
0. 2 % 5 |
4 3 % 5. |
6 2. 0 % |
2 6 2 % 5. |
6 8. 8 % |
9 0. % 5 |
6 9. % 7 |
| 1) O ( ) ing i % t tu ty p er a re rn o n eq u |
1 5. 5 % |
1 6. 8 % |
2 5. 2 % |
2 6. 0 % |
-5 1. 9 % |
1 5. 4 % |
-4 6 % |
1 0. 0 % |
| 1) O ( ) ing i b le i % t tu ta ty p er a re rn o n ng eq u |
2 2. 4 % |
1 8. 7 % |
3 0. 8 % |
2 6. 8 % |
-8 8. 7 % |
1 8. 2 % |
-4 6 % |
1 1. 2 % |
| Av loy er ag e em p ee s |
1 3, 8 3 8 |
5, 3 8 0 |
6, 1 6 1 |
1, 8 7 3 |
1 6, 3 3 0 |
4 3, 5 8 2 |
4 6 3 |
4 4, 0 4 5 |
1)Annualised
Operating result by segmentin €m
Central & Eastern Europe
Mittelstandsbank
Financial Outlook 2015
Despite the challenging environment we aim to grow revenues and market share in the Core Bank
We expect Loan Loss Provisions for the Group at the level of 2014 with lower LLPs in NCA due to the asset run down
As expenses are under pressure due to regulatory requirements and European bank levy, comprehensive execution of ongoing efficiency programs necessary to keep our cost base stable at ~€7.0bn
We aim to organically increase our Basel III CET1 ratio fully phased-in to significantly more than 10% by the end of 2015 – planning for a dividend 2015 and accruing accordingly
Current Commerzbank Bank- and Pfandbrief Ratings
Current Commerzbank Ratings
| B k i t a n r a n g s |
|||
|---|---|---|---|
| L D b -t t o n g e r m e |
C A d i W h t t r e a c - i t n e g a v e |
f B 1 R i a a e e o r v w " D d " o w n g r a e |
A i t + n e g a v e |
| F i i l h ( d- l ) t t t n a n c a s r e n g s a n a o n e |
B B B- |
B 1 a |
B B B |
| S i S t t y s e m c u p p o r |
N h 1) 2 t o c e s |
N h 3 t o c e s |
N h 4 t o c e s |
| P f d b i f i t a n r e r a n g s |
|||
| Ö f f l i h P f d b i f t e n c e a n r e e |
- | A a a |
A A A b l t s a e |
| H h k f d b i f t y p o e e n p a n r e e |
- | A a a |
A A A b l t s a e |
| S P f d b i f t u p p o r a n r e e |
- | N h 7 t o c e s |
N h 4 t o c e s |
Changes in 2015:
- › Upcoming changes are solely the result of amended government support and rating methodology changes. However, no negative revaluation of Commerzbanks situation.
-
- Standard & Poor's as per 3rd February 2015: Change of long-term debt rating to "Credit Watch Negative"
- -Moody's as per 16th March 2015: Change of long-term debt rating to "Review for Downgrade"
- ›Pfandbrief rating: no change
1)In addition one notch support for the expected continued and successful restructuring of the bank
Performance of the Commerzbank share
Month-end figures, January 2013 = 100%
Key figures of Commerzbank share
| 3 1. 1 2. 2 0 1 3 |
3 1. 1 2. 2 0 1 4 |
5 3 1. 0 3. 2 0 1 |
||
|---|---|---|---|---|
| Nu be f s ha iss d ( ) m r o re s ue m |
1, 1 3 8. 5 |
1, 1 3 8. 5 |
1, 1 3 8. 5 |
|
| Av be f s ha d in ( ) ts ta er ag e nu m r o re s ou n g m |
9 1 3. 2 |
1, 1 3 8. 5 |
1, 1 3 8. 5 |
|
| M ke i l isa io ( € bn ) t c ta t ar ap n |
1 3. 3 |
1 2. 5 |
1 4. 6 |
|
| ( ) Ne lu ha € t a t v ss e a e p er s re |
2 1. 3 1 |
2 1. 2 8 |
2 2. 2 2 |
|
| / Lo h ig h Xe in da ice d ( in € ) tra tra t w y p r s y |
/ 6 1 2. 9 6 5. 5 |
/ 9. 9 1 1 4. 4 8 |
/ 1 0. 3 1 1 3. 1 9 |
|
1)Result for the quarter on accumulative basis 2) After reverse stock split 10:1 3) After restatements of hedge accounting and credit protection insurance
Commerzbank's shareholders
as of 31.3.2015
17%
Financial Calendar 2015
| A 5 3 2 0 1 t u g u s , |
I i R f J 3 0 2 0 1 5 t t n e r m e p o r a s o n e u , |
|---|---|
| N b 2 2 0 1 5 o e m e r v , |
f S I i R b 3 0 2 0 1 t t t 5 n e r m e p o r a s o e p e m e r , |
| E d M h 2 0 1 6 n a r c - |
A l R 2 0 1 5 t n n a e p o r u |
| E l M 2 0 1 6 a r a y y - |
I i R f M h 3 1 2 0 1 6 t t n e r m e p o r a s o a r c , |
Disclaimer
Investor Relations
This presentation contains forward-looking statements. Forward-looking statements are statements that are not historical facts; they include, inter alia, statements about Commerzbank's beliefs and expectations and the assumptions underlying them. These statements are based on plans, estimates, projections and targets as they are currently available to the management of Commerzbank. Forward-looking statements therefore speak only as of the date they are made, and Commerzbank undertakes no obligation to update any of them in light of new information or future events. By their very nature, forward-looking statements involve risks and uncertainties. A number of important factors could therefore cause actual results to differ materially from those contained in any forward-looking statement. Such factors include, among others, the conditions in the financial markets in Germany, in Europe, in the United States and elsewhere from which Commerzbank derives a substantial portion of its revenues and in which it hold a substantial portion of its assets, the development of assetprices and market volatility, potential defaults of borrowers or trading counterparties, the implementation of its strategic initiatives and the reliability of its risk management policies.
In addition, this presentation contains financial and other information which has been derived from publicly available information disclosed by persons other than Commerzbank ("external data"). In particular, external data has been derived from industry and customer-related data and other calculations taken or derived from industry reports published by third parties, market research reports and commercial publications. Commercial publications generally state that the information they contain has originated from sources assumed to be reliable, but that the accuracy and completeness of such information is not guaranteed and that the calculations contained therein are based on a series of assumptions. The external data has not been independently verified by Commerzbank. Therefore, Commerzbank cannot assume any responsibility for the accuracy of the external data taken or derived from public sources.
Copies of this document are available upon request or can be downloaded from https://www.commerzbank.com/en/hauptnavigation/aktionaere/publikationen_und_veranstaltungen/praesentationen_1/index.html
For more information, please contact Commerzbank's IR team:
Tanja Birkholz (Head of Investor Relations / Executive Management Board Member)P: +49 69 136 23854M: [email protected]
Christoph Wortig (Head of IR Communications)P: +49 69 136 52668
Institutional Investors and Financial Analysts
Michael H. KleinP: +49 69 136 24522M: [email protected]
Maximilian BickerP: +49 69 136 28696M: [email protected]
Retail Investors
Florian Neumann P: +49 69 136 41367M: [email protected]
Simone NuxollP: +49 69 136 45660M: [email protected]
Dirk Bartsch (Head of Strategic IR / Rating Agency Relations)P: +49 69 136 22799 M: [email protected]