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as well as compliance issues. Matters reserved for the Management
Board and the respective segment responsibilities of the Management
Board of HVB are specified in a schedule of responsibilities as well
as in the internal regulations, which also specify the requirements
for adopting resolutions and the required majorities. The segment
responsibilities on the Management Board of HVB match the organisational
structure of the Bank, which is divided into customer groups
and functions. Apart from the Board spokesman, the Management
Board consists of the heads of the divisions: Corporate & Investment
Banking, Family & SME and Private Banking as well as the Chief
Financial Officer, the Chief Risk Officer and the Board member
responsible for Human Resources Management and Global Banking
Services.
Andreas Wölfer, previously responsible for the Private Banking division
as a member of the Management Board of HVB, left the Bank with
effect from 30 June 2011 at his own request and by amicable agreement.
At its meeting on 1 June 2011, the Supervisory Board appointed
Jürgen Danzmayr as his successor and member of the Management
Board of HVB with effect from 1 July 2011.
The Supervisory Board of the Bank has 12 members and has an equal
number of employee and shareholder representatives. There were
changes in the composition of the Supervisory Board at the beginning
of 2011. Jutta Streit resigned from the Supervisory Board on 15 January
2011. Werner Habich, who had been elected as a deputy member
in the place of Ms Streit compliant with the provisions of the German
Act on the Co-determination of Employees in Cross Border Mergers
(Gesetz über die Mitbestimmung der Arbeitnehmer bei einer grenzüberschreitenden
Verschmelzung – MgVG), replaced her on the
Supervisory Board for the remaining term of office. Furthermore,
Sergio Ermotti resigned as Chairman of the Supervisory Board and
as a member of the Supervisory Board on 1 March 2011. Federico
Ghizzoni was elected to take his place on the Supervisory Board for
the remaining term of office with effect from 2 March 2011 by an
Extraordinary Shareholders’ Meeting and was elected Chairman of
the Supervisory Board on 4 March 2011.
A list showing the names of all of the members of the Management
Board and the Supervisory Board of HVB is given in the consolidated
financial statements under Note 90, “Members of the Supervisory
Board”, and Note 91, “Members of the Management Board”.
HVB Group’s objective is to generate a sustained increase in corporate
value. To take account of value-based management, we have
implemented the principle of overall bank management based on the
determination of regulatory and economic capital requirements and
risk-taking capability. This is explained in the “Overall bank management”
section of the Risk Report.
Main products, sales markets,
competitive position and facilities
HVB is a universal bank that provides general banking services and
conducts Pfandbrief operations. With its subsidiaries, HVB is one of
the leading providers of banking and financial services in Germany. It
offers a comprehensive range of banking and financial products and
services to private, corporate and public-sector customers, and international
companies. This range extends, for example, from mortgage
loans, consumer loans and banking services for private customers,
business loans and foreign trade financing for corporate customers
through to funds products for all asset classes, advisory and brokerage
services, securities transactions, liquidity and financial risk management,
advisory services for affluent customers and investment
banking products for corporate customers. HVB Group has a well-
developed network of branches in Germany via which it serves its
customers. Because of its past, the Bank is particularly strong in
Bavaria as well as in Hamburg and the surroundings.
HVB Group is well positioned in the highly sophisticated German
banking market, benefiting from the diversified operating income of
the Corporate & Investment Banking, Family & SME and Private
Banking divisions.
HVB Group is a strong corporate and investment bank. The Corporate
& Investment Banking division serves around 49,400 corporate customers
through its national and international distribution network.
The business model focuses on different customer groups and the
customer relationship as a decisive factor in the allocation of resources
while the structure reflects the requirements in a hard-fought market in
the process of re-regulation.
HypoVereinsbank · 2011 Annual Report 37