REG-Commerzbank Aktiengesellschaft Commerzbank starts third share buyback programme

COMMERZBANK AGAnnouncement

04/11/2024 12:00

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   Commerzbank Aktiengesellschaft (CZB)
   Commerzbank starts third share buyback programme

   04-Nov-2024 / 12:49 CET/CEST
   The issuer is solely responsible for the content of this announcement.

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     • Buyback of first tranche of around €600m to start after publication of
       third-quarter results
     • CEO Bettina Orlopp: “Our shareholders can rely on us. We will return
       at least 70% of our net result for the 2024 financial year.”

   Today, the Board of Managing Directors of Commerzbank AG has decided to
   start the planned share buyback programme. Previously, the German Finance
   Agency and the European Central Bank (ECB) had given their approval. It is
   already the third buyback programme since 2023.

   The buyback of the first tranche, which has a volume of around €600m, will
   start after the publication of the business results for the third quarter.
   The buyback is expected to be completed by mid-February 2025 at the
   latest. Commerzbank will redeem the repurchased shares. The buyback is
   part of the capital return for the 2024 financial year, which will consist
   of a dividend payment and the two-tranche share buyback.

   “Our shareholders can rely on us. We will return at least 70% of our net
   result for the 2024 financial year, but not more than the net result after
   deduction of AT1 coupon payments”, said Bettina Orlopp, CEO of
   Commerzbank. “By consistently implementing our strategy, we are creating
   significant long-term value for our shareholders.”

   Commerzbank will publish the progress of the share buyback weekly on its
    1 website.

    

   Press contact
   Svea Junge  +49 69 9353-45691
   Kathrin Jones  +49 69 9353-45687

   Investors’ contact
   Ute Sandner  +49 69 9353-47708
   Ansgar Herkert  +49 69 9353-47706

    

   About Commerzbank
   Commerzbank is the leading bank for the German Mittelstand and 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 5.7 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, amongst others, 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.:  356971
   EQS News ID:   2021997


    
   End of Announcement EQS News Service

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