Press Release Press Release


March 28, 2008

Nicholas Teller joins the Erck Rickmers Group

The Supervisory Board of Commerzbank AG has today with regret granted Nicholas Teller (48) his request to be released from his responsibilities as a Member of the Board of Managing Directors with effect from May 30, 2008. Teller leaves the bank for which he has worked for 25 years, on the most amicable of terms. He will take on new responsibilities outside the banking sector as the new CEO and Partner of E.R. Capital Holding (Erck Rickmers Group) in Hamburg. Under the umbrella of this company, Nordcapital Group, E.R. shipping and equitrust AG are incorporated, amongst others. Teller speaking of the new challenges ahead, said “This decision was not an easy one for me. But the combination of maritime industry and finance is very attractive and fits extremely well with my professional and personal affinities.”

Chairman of the Board, Klaus-Peter Müller speaking of Nicholas Teller, with whom he has worked closely since 1994 said “Not only does Commerzbank owe its deep gratitude to Nicholas Teller for his great commitment and the high level of success in his work. Also in personal terms I have mixed feelings with respect to his leaving. It is a loss for our bank, but I am particularly pleased that he will take on such an attractive challenge. As an expression of our excellent relationship and the high esteem in which we hold him professionally, the Management Board has decided to appoint Nicholas Teller to the Central Advisory Board of our bank.”

A British national, Nicholas Teller began his professional career at Commerzbank in the year 1982. After stations in London, Prague and Hamburg, Teller joined the Board of Managing Directors on April 1, 2003 and has been responsible for the newly formed division Corporates & Markets since November 2004. Michael Reuther (48) will take over responsibility for this division at Board level until further notice, in addition to his existing responsibilities for Public Finance and Treasury.