Commerzbank Aktiengesellschaft - CMVM

Our shareholders will be able to measure the successes which we achieve
step by step in the form of rising share prices and of dividend payments
reflecting the Bank’s ever stronger earnings performance.
Over the past few years, we have concentrated our international network
of outlets and reshaped it with a view to the structures needed over the
long term. In the United States in particular, we have been really successful
and profitable for decades. In Central and Eastern Europe, we similarly
have a network of branches and subsidiaries which are established
in the market, giving us an outstanding starting position for the eastern
enlargement of the European Union. We believe that the enlargement of
the Union this May will give rise to further strong expansion in our business
in this region.
For years, it has been speculated in a broadly-based public debate that
Commerzbank is too small to exist all by itself. But size is relative, and
who knows what is the optimal size for a bank?
At Group level, we serve just over 6.8 million customers. Too small? Our
business volume stands at about 7380bn. Too little? Germany’s exports
and imports added up to almost 71,200bn in 2003; roughly 16% of this
total passed through the books of Commerzbank. Too small? Of course,
such figures are no answer to the question. Rather, the right thing is to
ask whether we will be in a position in the long run to achieve a reasonable
return, in line with market rates, on the equity which Commerzbank
employs. We have set ourselves the target of demonstrating this by 2005.
The groundwork has been laid; that is why we look with confidence and
assurance to an independent future for Commerzbank. We also owe this
to our customers, to our employees and to our shareholders.