REG-Commerzbank Aktiengesellschaft Manfred Knof is leaving Commerzbank at the end of the month

COMMERZBANK AGAnnouncement

25/09/2024 13:30

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   Commerzbank Aktiengesellschaft (CZB)
   Manfred Knof is leaving Commerzbank at the end of the month

   25-Sep-2024 / 14:25 CET/CEST
   The issuer is solely responsible for the content of this announcement.

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   The acting CEO of Commerzbank AG, Manfred Knof, will leave the Bank on 30
   September 2024. The 59‑year‑old and the Supervisory Board have agreed on
   this. On Tuesday, it had rearranged the responsibilities at the Group’s
   top management and appointed Bettina Orlopp (54) as the future CEO and
   thus as successor to Knof. At the beginning of September, Knof had stated
   that he was not seeking a second term of office.

   Chairman of the Supervisory Board Jens Weidmann thanked Manfred Knof on
   behalf of the entire board: “Manfred Knof has made lasting contributions
   to Commerzbank. Four years ago, he took over the chair of the Executive
   Board in a difficult situation for the Bank and brought Commerzbank back
   on the track of success through consistent and determined action together
   with his Executive Board team. Manfred Knof deserves great thanks for his
   clear focus on a strategy aligned to the needs of customers and the
   interests of investors, which he has implemented with a special focus on
   the social responsibility of the Bank and the interests of its employees,”
   explained Weidmann. “His willingness to make the change in the CEO
   position in a timely manner in view of the current challenges demonstrates
   once again that he has always oriented his actions to the prosperity of
   the Bank. I wish Mr. Knof personal well-being and success in everything he
   intends to do,” Weidmann added.

   Manfred Knof: “I am proud of what we have achieved together at
   Commerzbank. The way back into the circle of successful European banks was
   not easy. Thanks to our profitable, customer-centric business model and
   the great commitment of the entire Team Yellow, we achieved this faster
   and more convincing than many expected. Commerzbank is playing in the
   first league again today and is strong enough to continue to do so. Now,
   considering the framework conditions, is the right time to transfer my
   responsibilities as CEO of the Bank to my successor.”

   At the beginning of 2021, Knof joined Commerzbank as CEO, following
   positions at Dresdner Bank, the insurance group Allianz and Deutsche Bank,
   among others. The lawyer, who holds a doctorate in law, has focused on the
   Bank’s business model in recent years and has consistently focused on
   growth and sustainability.

    

   Press contact
   For Commerzbank AG:
   Philipp Encz  +49 151 70 34 60 09
   For the Supervisory Board:
   Michael Best  +49 171 74 82 878

    

   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 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.:  349106
   EQS News ID:   1995587


    
   End of Announcement EQS News Service

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