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March 23, 2011

Commerzbank to integrate Deutsche Schiffsbank

  • Customers benefit from a broad product portfolio
  • Stefan Otto to become Chairman of the Board of Managing Directors of Deutsche Schiffsbank
  • Werner Weimann to work with Deutsche Schiffsbank as a consultant
  • Klösges: "Ship finance is part of our core business"

Commerzbank AG plans to integrate Deutsche Schiffsbank, one of the world's leading ship financiers. It intends to merge the Hamburg-based Deutsche Schiffsbank into Commerzbank AG. Deutsche Schiffsbank's business model will not be affected by the integration. Customers will continue to be advised from Hamburg and the bank's presence in its core markets will also remain unchanged. Jochen Klösges, the member of the Commerzbank Board of Managing Directors responsible for ship finance in the Asset Based Finance segment, said: "Deutsche Schiffsbank continues to serve its customers as a reliable and strong financing partner with a broad range of products and efficient infrastructure. Ship finance is part of our core business and the integration is the logical next step following the successful reorganization of Deutsche Schiffsbank." In the last two years, Deutsche Schiffsbank has integrated the credit portfolios and ship finance activities of Deutsche Schiffsbank, Commerzbank and Dresdner Bank. In 2010, Deutsche Schiffsbank optimized its credit portfolio and reduced risk provisions. It has assisted its customers with new commercial shipping projects.

On October 1, 2009, Stefan Otto (39) left his managerial role at Commerzbank's Mittelstandsbank to become Executive Vice President at Deutsche Schiffsbank, where he currently heads the departments international markets, debt capital markets & transaction management, treasury and corporate development. The Supervisory Board of Deutsche Schiffsbank appointed him to the company's Board of Managing Directors with effect from April 1, 2011. On July 1, 2011, Stefan Otto will become the Commerzbank Divisional Board Member responsible for the business area "Deutsche Schiffsbank". From that date until the planned merger is completed, he will also serve as Chairman of the Board of Managing Directors of Deutsche Schiffsbank AG. Stefan Otto: "I am very much looking forward to embarking on new projects with our longstanding customers in Germany and abroad and being able to offer them the entire range of Commerzbank's banking services in the process. Beyond this, our focus will of course remain on actively managing our existing portfolio with a view to risk reduction."

Stefan Otto will succeed the current Chairman of the Board of Managing Directors, Werner Weimann (64), who is retiring as of July 1, 2011. Werner Weimann joined Commerzbank 35 years ago and has held a number of management positions within the Group. He was appointed to Deutsche Schiffsbank's Board of Managing Directors in December 2008. He will continue to work with the bank as a consultant after his retirement. "Werner Weimann navigated Deutsche Schiffsbank through stormy seas and brought it successfully on course. With Stefan Otto, we have found a proven expert to further develop our "Deutsche Schiffsbank" business area. The Supervisory Board of Deutsche Schiffsbank would like to thank Werner Weimann and wishes Stefan Otto every success in his new role," said Jochen Klösges in his function as Chairman of the Supervisory Board of Deutsche Schiffsbank.

Commerzbank holds 92% of the share capital of Deutsche Schiffsbank and UniCredit owns the remaining shares. Commerzbank and UniCredit are currently discussing the implementation. The proposed merger is subject to this agreement and to the approval of the relevant supervisory authorities.



This release contains statements concerning the expected future business of Commerzbank, efficiency gains and expected synergies, 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 developments and information. 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 release to reflect events or circumstances after the date of this release.