Profile: COMMERZBANK AG (CRZBY.PK)
COMMERZBANK AG is a Germany-based bank for private and corporate customers in Germany. The bank operates six business segments: Private Customers, which operates Retail, Business and Wealth Management Customers, Sales Retail and Business Customers North-East and South-West, Sales Wealth Management, and Credit operating units, among others; Mittelstandsbank, which operates Small and Medium Enterprises, Large Corporations, Corporate Banking, Corporates International and Financial Institutions units; Central & Eastern Europe, which operates CEE-Holding/Subsidiaries & Branches, BRE Bank and Bank Forum units; Corporates & Markets, which operates Equity Markets & Commodities, Fixed Income Trading, Corporate Finance, Fixed Income Sales, Client Relationship Management, and Research units, among others; Asset Based Finance, which operates CRE Germany, Public Finance and Ship Finance units, among others, and Portfolio Restructuring Unit, which operates Portfolio Restructuring Unit.
On January 12, 2009, COMMERZBANK acquired from Allianz 92.9% interest in Dresdner Bank. In July 2009, the Company sold Dresdner Bank (Switzerland) to the LGT Group. In September 2009, the Company sold its remaining 5% interest in GEA Group AG. In October 2009, the Company sold its Commerzbank (Switzerland) AG to Vontobel Group. In December 2009, the Company disposed Dresdner Bank AG's Global Agency Securities Lending business to Deutsche Bank AG. In February 2010, the Bank announced that it has completed the sale of its 74% interest in Austrian Privatinvest Bank to Zurcher Kantonalbank. In April 2010, Wuestenrot & Wuerttembergische AG announced that its Wuestenrot Bausparkasse AG acquired Allianz Dresdner Bauspar AG from the Company.
Commerzbank has brought together the activities of the Group divisions Private and Business Customers, Wealth Management, Direct Banking (formerly comdirect bank AG) and Credit in the Private Customers segment. The Bank’s division Private and Business Customers covers activities with the private customers, private banking customers and business customers in the branches in Germany. Wealth Management comprises the offering to high net worth private customers who make demands on their financial services providers.
The Mittelstandsbank segment is split into the Corporate Banking and Financial Institutions group divisions. The Bank’s division Corporate Banking serves small and mid-sized businesses, major clients, the public sector and institutional clients. The Bank division Financial Institutions is responsible for relationships with German and foreign banks and financial institutions, as well as central banks. It offers the customers advice and support, with a focus on foreign trade. Financial Institutions also uses a network of over 6,000 correspondent banks, along with business relationships in emerging markets, to promote the Group’s foreign trade activities globally. It also assists other units with their international activities.
Central and Eastern Europe
The Central & Eastern Europe segment comprises the Bank’s Polish subsidiary BRE Bank, Ukraine’s Bank Forum, Russia’s Commerzbank (Eurasija) SAO, Hungary’s Commerzbank ZRT, the branches in Czech Republic and Slovakia, and the investments in seven microfinance banks and Russia’s Promsvyazbank. These are grouped together under a management holding company, which acts as the operational management unit, as the interface between the local units and the central departments in Germany and as the decision-maker.
Commerzbank has minority interests of between 7% and 21% in six ProCredit banks in Albania, Bosnia-Herzegovina, Bulgaria, Kosovo, Romania and Serbia. These banks focus in supporting ultra-small, small and medium-sized businesses in their own countries with loans and other financial services. They also offer savings and time deposits and accounts for private customers.
Coporates and Markets
The Corporates & Markets segment includes Commerzbank’s investment banking activities and managing customers who require capital market products. It includes Fixed Income and Currencies, Equity Markets and Commodities, Corporate Finance, and Client Relationship Management.
Asset Based Finance
The Asset Based Finance (ABF) segment comprises the Commerzbank Group’s entire commercial real estate activities, consisting of ABF Banking (primarily Eurohypo AG), ABF Asset Management /Leasing (Commerz Real AG). Eurohypo is an internationally active bank specializing in real estate and public sector lending within the Commerzbank Group. The commercial real estate division concentrates on commercial real estate financing in Germany and other international markets.
Portfolio Restructuring Unit
The Portfolio Restructuring Unit (PRU) was set up to respond to the deteriorating financial market crisis and the impact it generated, is a separate segment within Commerzbank. The PRU operating units are located in London and New York.
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