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Date Source Announcement
04Nov16 12:07 RNS Final Terms for GBP Notes linked to Pref Share 121
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Strategy 2020

  • 29 Sep 16

In response to current market rumours, management confirms that it has presented Commerzbank’s draft strategic and financial objectives until 2020 to the Supervisory Board for consideration. The Board of Managing Directors will decide tomorrow on the strategic objectives after discussions with the Supervisory Board. The objectives presented are as follows: • By the end of 2020, Commerzbank will have sustainably increased its profitability. As part of the “Commerzbank 4.0” strategy, it will concentrate on its core businesses, digitalise 80% of relevant processes, and thereby achieve significant efficiency gains. Its business will be focused on two customer segments, “Private and Small Business Customers” and “Corporate Clients”. • In the context of the decision of the new strategy, goodwill and intangible assets of both Corporates & Markets and Mittelstandsbank will be subjected to an impairment test. This means that most probably around €700m would be written off in Q3 16. Loan loss provisions will be considerably higher than in the first two quarters due to ongoing weakness in the shipping markets. Despite the goodwill write-offs, Commerzbank is expecting a small net profit for 2016 as a whole. • Commerzbank is aiming for a net return on tangible equity (RoTE) of at least 6% by the end of 2020. Should the interest rate environment improve, a net return on tangible equity of at least 8% will be achievable. • The Common Equity Tier 1 (CET 1) ratio, after full application of Basel 3, is expected to stay at around 12% and will be above 12% in 2018, taking into account currently foreseeable regulatory developments. For 2020, the bank expects a ratio of above 13%. • The new focus on the core business will lead to staff reductions amounting to around net 7,300 full-time positions (9,600 gross). To cover its restructuring costs in the region of €1.1bn, Commerzbank will cease dividend payments for the time being and will retain its full earnings.