Board-Ansicht
Mix-Ansicht- eben per e-Post: Merger Commerzbank - Postbank annoncement - marocki4, 01.04.2004, 12:20
eben per e-Post: Merger Commerzbank - Postbank annoncement
-->> Commerzbank and Postbank announce agreement on merger talks. Private
> banking and corporate banking in separate legal entities. New
> institution's name not yet released.
>
> In an ad-hoc release Commerzbank today announced agreement with
> state-owned Postbank on the merger of the two institutions. The merger
> will become effective as per June 30, 2004.
>
> According to a parallel press release of the two merger parties, the new
> institution's strategic focus will be private banking, with Postbank´s
> vast retail network forming its main contribution into the merger.
> Therefore and as an immediate consequence from the merger, the new
> institution will have two separate legal entities, one for the private
> banking activities, the other for the corporate banking activities, both
> combined under a joint holding.
>
> Postbank also announced that its own IPO, originally planned for Q2 2004,
> will be withdrawn, which again raised concerns over the German stock
> market, as this follows two previous withdrawals during Q1 2004.
>
> Both merger parties did not comment on the underlying valuation of the two
> institutions, but rumours said that the German state will use parts of its
> shares in Kreditanstalt für Wiederaufbau ("KfW") as merger currency, which
> again gave rise to speculations that the corporate banking arm in
> Commerzbank will soon merge with KfW. Representatives of Commerzbank
> refused to comment on these rumours.
>
> The merger follows speculations that the German state recently exerted
> substantial pressure on the domestic banking industry to initiate the
> long-awaited consolidation process. However, that this would directly
> involve the state-owned Postbank must be considered a surprise, as recent
> rumours rather suggested the merger between Commerzbank and
> Hypovereinsbank ("HVB"). Representatives of HVB refused to comment on the
> Commerzbank-Postbank merger.
>
> Both merger parties neither commented on the new institution's name, but
> first reactions said that the market will want to see separate names for
> both arms, both the private and the corporate banking part. Speculations
> have made the round that one of the names will be a combination of the two
> merger parties´ names, id est COMPost.
>
> Fur further details please see attached.
>
>
>
>
>
>
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