- Talks to explore the scope for cooperation
between Commerzbank and Dresdner Bank have been terminated. In view
of the complexity of the topic, it seems impossible to produce a plan
that reflects the interests of all parties.
Commerzbank's board of managing directors has resolved that the
bank should continue to pursue its successful course of going it
alone. Although the strategic objectives of the two banks are not far
apart, a critical assessment of the pros and cons of a merger
ultimately failed to yield a convincing perspective. Martin
Kohlhaussen, Commerzbank AG's chairman, regretted that apparently the
real value added of a merger cannot be achieved and thus the
opportunity to consolidate the domestic banking industry cannot be
realized. "In the interests of our customers, our shareholders and
our staff, we shall now continue to pursue the decidedly positive
course of recent years under our own steam and with our own
resources. We will remain an efficient, innovative and
customer-oriented bank", said Mr. Kohlhaussen.
The four pillars of Commerzbank's strategy remain unchanged:
The bank seeks dynamic expansion in its activities involving
retail and corporate customers, especially SMEs. The already
implemented approach and a modern, lean branch organization represent
a good basis for this.
The bank will further strengthen its position as an integrated,
customer-oriented European investment bank. Here it is particularly
important that many products developed in investment banking can be
sold extremely well through the branch system - to retail and
corporate customers alike.
Commerzbank will become Germany's leading internet bank and will
systematically extend its electronic distribution channels while
maintaining its branch network. Customer preference will determine
which distribution channel is strengthened and which scaled back.
Commerzbank intends to create a technology network in Germany
and/or Europe, with the objective of producing at competitive cost
over the long term.
Now that the talks have ended, the agreement to negotiate
exclusively with one another ceases to be valid. Each bank is free to
consider other strategic options. Commerzbank will primarily
concentrate on strengthening its European links and will implement
organizational measures which will enable it rapidly to achieve its
ots Originaltext: Commerzbank AG
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Original-Content von: Commerzbank Aktiengesellschaft, übermittelt durch news aktuell