Commerzbank (CRZBY.PK) said that the company's 2012 Annual General Meeting voted on the election of a new member of the Supervisory Board as well as on the adjustment of capital resolutions. The 2012 Annual General Meeting will also decide on options for further improvement of the capital structure.
Klaus-Peter Müller, Chairman of the Supervisory Board of Commerzbank, noted that in the 2011 financial year Commerzbank improved the result at its Core Bank and considerably reduced risks. The core bank is now on a very profitable level.
Also in the current 2012 financial year Commerzbank has already been able to reach key strategic goals. At the end of March the decision by the European Commission brought clarity for the future orientation of Eurohypo. Accordingly, Eurohypo no longer has to be sold, as originally demanded, by 2014. Instead the Bank will wind down the public finance business and the bulk of the commercial real estate financing. Only a small, less risky area of the Commercial Real Estate business will be continued in Commerzbank.
Commerzbank also noted that it advised cost synergies of 2.4 billion euros in 2013.
Further, the company said, with its customer-centric business model for the future, it is prepared for the fiscal year 2013 and expects to resume the payment of a dividend.
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