COMMERZBANK AKTIENGESELLSCHAFT

To our Shareholders Corporate Responsibility Management Report Risk Report Group Financial Statements Further Information 115 171
127 71 Business and overall conditions
135 79 Earnings performance, assets and financial position
147 91 Segment performance
109 165 Central & Eastern Europe
137 193 Our employees
143 199 Report on events after the reporting period
144 200 Outlook and opportunities report
A particular focus was on export finance to Russia. Over the course of the year, a new
product was introduced in the Czech Republic – the enhanced deposit – which is a time deposit
with an attractive guaranteed interest rate. It proved particularly popular with existing
customers and led to further transactions. In Slovakia, Commerzbank benefited in particular
from documentary business and appealed to its customers with customised solutions, such
as export finance for building a thermal power station in Venezuela.
Outlook The Czech Republic and Slovakia are more dependent on the outcome of the European
sovereign debt crisis due to their close trading links with Western Europe.
For 2012, market observers are predicting that economic growth will slow down due to
lower domestic and export demand. In subsequent years, much stronger GDP growth is expected
for both countries again. With the transfer of units to the Mittelstandsbank segment,
business activity will focus even more on SMEs. There are also plans to exploit further potential
in cross-border and foreign business.
Commerzbank Zrt., Budapest
Economic growth in Hungary was slightly higher in 2011 than in 2010. The
Hungarian financial services sector was negatively affected by the European sovereign debt
crisis and regulatory issues, such as the banking tax introduced in 2010. Commerzbank Zrt.
posted positive results in a challenging market environment.
Commerzbank Zrt.’s focus in 2011 was on corporate customer business. The bank
responded to a tense market situation in Hungary by intensifying its individual support. In
doing so, it strengthened the range of services for corporate customers.
Its public image was strengthened by corporate-social responsibility activities in the cultural
sphere on the one hand and by prestigious awards from the financial sector on the
other. A study by economic information service Dun & Bradstreet published in June 2011
examined the creditworthiness of companies. It worked out the likelihood of a company
either going bankrupt or into liquidation in the next twelve months. In terms of creditworthiness,
Commerzbank Zrt.’s portfolio of corporate customers was again ranked first among
Hungarian banks with more than 1,000 corporate customers.
Outlook We expect negative economic growth in Hungary for 2012. The predicted positive
performance from 2013 remains subject to a stable political, regulatory and economic environment.
Successful refinancing of the comparatively highly indebted country using resources
from the International Monetary Fund (IMF) will depend on the willingness of the
Hungarian government to enact political reform. The European Union is asking for concessions,
in particular with regard to controversial changes to the Constitution. Commerzbank’s
activities will continue to focus on cross-border business with German corporate customers.
Group Management Report