COMMERZBANK AKTIENGESELLSCHAFT

Group Management Report
172
116 Commerzbank Annual Report 2011
Other activities in Central and Eastern Europe
Microfinance banks
Commerzbank has minority interests of between 6% and 20% in six ProCredit banks in Albania,
Bosnia-Herzegovina, Bulgaria, Kosovo, Romania and Serbia. These banks specialise in
supporting small and medium-sized businesses in their own countries with loans (including
agricultural loans) and other financial services. They also offer savings and time deposits
as well as current accounts for private customers. The majority shareholder is ProCredit
Holding AG, which is based in Frankfurt am Main. Further international financial institutions,
including the European Bank for Reconstruction and Development (EBRD), the KfW Bankengruppe
and the International Finance Corporation (IFC), are also shareholders in ProCredit
Bank Romania.
In Belarus, Commerzbank Aktiengesellschaft owns a 9% stake in Belarusian Bank for
Small Business (BBSB), which has been operating since 2008. It was founded under the
guidance of the EBRD. Other shareholders in BBSB include Kreditanstalt für Wiederaufbau
(KfW), IFC, FMO (the Netherlands Development Finance Company), Swedfund, the US
Shorebank International and Shore Cap International.
Promsvyazbank
Commerzbank Auslandsbanken Holding AG held a 14.37% minority share in Russia’s
Promsvyazbank in addition to EBRD (11.75%). Established in 1995, OJSC Promsvyazbank is
ranked tenth among Russian banks by assets and is one of the leading private Russian banks.
Promsvyazbank offers financial services for corporate and private customers, and has a
branch network throughout Russia plus offices in China, India, the Ukraine and Cyprus.
At the end of 2011, it was decided to sell the 14.37% minority interest in the Russian
Promsvyazbank.
Outlook for Central & Eastern Europe
For 2012, we predict subdued economic growth in the Central and Eastern Europe region due
to the European sovereign debt crisis. After that, the economy should start to pick up again in
the region, from which the Central & Eastern Europe segment can benefit. In this market environment,
Commerzbank plans to further expand its position as a leading German bank in the
region. The focus of the Central & Eastern Europe segment lies on universal banking business
and direct banking activities in the region’s main core markets. At the same time, the portfolio
of non-strategic holdings will be optimised further.