COMMERZBANK AKTIENGESELLSCHAFT

To our Shareholders Corporate Responsibility Management Report Risk Report Group Financial Statements Further Information 133
77
127 71 Business and overall conditions
135 79 Earnings performance, assets and financial position
147 91 Segment performance
137 193 Our employees
143 199 Report on events after the reporting period
144 200 Outlook and opportunities report
Tighter requirements from the European Banking Authority
Although Commerzbank passed the European Banking Authority’s (EBA) published bank
stress test as expected in mid-July, the capital requirements were subsequently tightened later
in the year.
The euro rescue package agreed at the EU summit on October 26, 2011 also contained a
number of specific demands relating to the banks. Alongside the debt write-down on Greek
sovereign debt, the capital requirements for systemically relevant banks were adjusted by the
EBA. The EBA requires compliance with a Core Tier I ratio of 9% as of June 30, 2012, including
the market valuation of sovereign debt from the European Economic Area. Under
these rules, the additional capital requirement calculated by the EBA for Commerzbank
stands at €5.3bn. Directly after publication of the EBA’s requirements, action was taken in
November 2011 to speed up the reduction in risk-weighted assets and to manage the capital
structure. An extensive package of measures was agreed in the middle of January 2012 to
reach the EBA target ratio. Details on these can be found in the “Report on events after the
reporting period” as well as in the “Outlook and opportunities report”.
Commerzbank successfully concluded bank-wide project to integrate
Dresdner Bank
Commerzbank successfully concluded the bank-wide project to integrate Dresdner Bank in
fewer than 1,000 days. All of the important milestones in the biggest integration project in
German banking history were achieved as planned. In some areas, the Bank actually progressed
farther than expected, despite the challenging global economic situation. Over
Easter 2011, the Bank completed the last major step in the bank-wide integration project
when it migrated the customer and product data. Since then, all customers have had access
to the same products and services in all branches. Commerzbank had already modified its
organisational structure in 2009 and 2010. Following Dresdner Bank’s integration, Commerzbank
expects annual synergies of some €2.4bn after 2013. Commerzbank is still on plan concerning
the staff reduction programme.
In the course of the downstream project work, by end-2011 the Dresdner Bank systems
were archived and shut down at segment level and 123 pairs of branches were already merged.
The scheduled merger of around 400 branches should be completed by the end of 2012.
Sale of Dresdner Bank Brasil S. A. Banco Múltiplo completed
As announced a year ago, Commerzbank completed the sale of its Brazilian subsidiary
Dresdner Bank Brasil S. A. Banco Múltiplo to Canada’s Scotiabank at the end of September.
The transaction was approved by the supervisory authorities. Based in São Paulo, Dresdner
Bank Brasil S. A. Banco Múltiplo focused on investment banking activities. As at the end of
2010, the bank had total assets of around €237m and 37 employees. The Commerzbank representative
office in São Paulo, which primarily supports the Bank’s corporate customers
with trade finance services and payment products, will not be affected by the transaction.
Similarly unaffected is Commerzbank’s Brazilian investment banking arm, with its activities
in equity derivatives, commodities, currency and bond trading for private banks and institutional
clients.
› Report on events after the
reporting period
Page 143
Group Management Report