REG-Commerzbank Aktiengesellschaft Commerzbank Annual General Meeting approves all items on agenda

COMMERZBANK AGAnnouncement

30/04/2024 17:30

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   Commerzbank Aktiengesellschaft (CZB)
   Commerzbank Annual General Meeting approves all items on agenda

   30-Apr-2024 / 18:17 CET/CEST
   The issuer is solely responsible for the content of this announcement.

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     • Shareholders approve a dividend of 35 cents per share and
       authorisation for further share buybacks
     • Actions of Board of Managing Directors and Supervisory Board ratified
       – remuneration report approved
     • Jens Weidmann: “Thanks to the great progress, Commerzbank has regained
       the possibility for its shareholders to participate in its success.”
     • Manfred Knof: “It is our task to address, accompany, and offer
       solutions to the issues associated with the transformation of the
       economy. We want to be the bank for Germany.”

   Today, the Annual General Meeting (AGM) of Commerzbank approved the
   dividend proposal for the 2023 financial year in the amount of 35 cents
   per share with a majority of 99.98% (item 2). Commerzbank resumed its
   dividend payments last year and intends to continue to return capital to
   its shareholders through a combination of dividend payments and share
   buybacks.

   The AGM voted with a majority of 95.45% and a majority of 95.02%
   respectively in favour of the Bank’s authorisation to both acquire and use
   its own shares (items 7 and 8). This gives Commerzbank the opportunity to
   acquire its own shares up to a volume of 10% of the share capital mainly
   via the stock exchange or multilateral trading systems. Further buybacks
   would require a renewed authorisation of the AGM in advance.

   Jens Weidmann, Chairman of the Supervisory Board, said: “Thanks to the
   great progress that Commerzbank has made in implementing its strategy, the
   Bank has regained the possibility for its shareholders to participate in
   its success.”

   In his speech at the Annual General Meeting, CEO Manfred Knof affirmed
   that Commerzbank will make its contribution to the transformation of the
   German economy: “Right now, a robust bank, a bank with a solid business
   model, is needed. A bank that can defy the overall environment. It is our
   task to address, accompany, and offer solutions to the issues associated
   with the transformation of the economy. This is our ambition: we want to
   be the bank for Germany.”

   The shareholders voted as follows on the further key items on the agenda:

   Ratification of actions (items 3 and 4)
   The AGM ratified the Board of Managing Directors’ actions with a majority
   of between 95.76% and 96.39%. The AGM further ratified the Supervisory
   Board’s actions with a majority of between 95.38% and 99.89%.

   Approval of remuneration report (item 6)
   The AGM approved the remuneration report for the last financial year with
   a majority of 93.69%.

   Amendments to articles of association to the Financing for the Future Act
   (item 9)
   Furthermore, the proposal to create a basis for electronic shares by
   amending the articles of association was adopted with 99.97%. Commerzbank
   is not yet planning to switch to electronic shares. However, with the
   amendment to the articles of association, the Bank is reacting in a
   forward-looking manner to the Financing for the Future Act
   (“Zukunftsfinanzierungsgesetz”), which came into force at the end of 2023.
   It contains, among other things, regulations that enable public limited
   companies to issue electronic shares.

   Further information on this year’s AGM is available on our  1 website.

   Press contact
   Silvana Herold  +49 69 9353-45680
   Svea Junge  +49 69 9353-45691
   Sina Weiß  +49 69 9353-45738

   Investors’ contact
   Jutta Madjlessi  +49 69 9353-47707
   Ute Sandner  +49 69 9353-47708

   About Commerzbank
   Commerzbank is the leading bank for the German Mittelstand. In addition,
   the Bank is a strong partner for around 25,500 corporate client groups and
   almost 11 million private and small-business customers in Germany. The
   Bank’s two Business Segments – Private and Small-Business Customers and
   Corporate Clients – offer a comprehensive portfolio of financial services.
   Commerzbank transacts approximately 30% of Germany’s foreign trade and is
   present internationally in more than 40 countries in the corporate
   clients’ business. The Bank focusses on the German Mittelstand, large
   corporates, and institutional clients. As part of its international
   business, Commerzbank supports clients with a business relationship to
   Germany, Austria, or Switzerland and companies operating in selected
   future-oriented industries. In the Private and Small-Business Customers
   segment, the Bank is at the side of its customers with its brands
   Commerzbank and comdirect: online and mobile, in the advisory centre, and
   personally in its branches. Its Polish subsidiary mBank S.A. is an
   innovative digital bank that serves approximately 5.8 million private and
   corporate customers, predominantly in Poland, as well as in the Czech
   Republic and Slovakia.

   Disclaimer
   This release contains forward-looking statements. Forward-looking
   statements are statements that are not historical facts. In this release,
   these statements concern inter alia the expected future business of
   Commerzbank, efficiency gains and expected synergies, expected growth
   prospects and other opportunities for an increase in value of Commerzbank
   as well as expected future financial results, restructuring costs and
   other financial developments and information. These forward-looking
   statements are based on the management’s current plans, 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. Such factors include the conditions in the financial markets
   in Germany, in Europe, in the USA and other regions from which Commerzbank
   derives a substantial portion of its revenues and in which Commerzbank
   holds a substantial portion of its assets, the development of asset prices
   and market volatility, especially due to the ongoing European debt crisis,
   potential defaults of borrowers or trading counterparties, the
   implementation of its strategic initiatives to improve its business model,
   the reliability of its risk management policies, procedures and methods,
   risks arising as a result of regulatory change and other risks.
   Forward-looking statements therefore speak only as of the date they are
   made. Commerzbank has no obligation to 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.

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   Dissemination of a Regulatory Announcement, transmitted by EQS Group.
   The issuer is solely responsible for the content of this announcement.

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   ISIN:          DE000CBK1001
   Category Code: MSCU
   TIDM:          CZB
   LEI Code:      851WYGNLUQLFZBSYGB56
   Sequence No.:  318920
   EQS News ID:   1893457


    
   End of Announcement EQS News Service

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