Commerzbank
Encyclopedia
Commerzbank AG is the second-largest bank
in Germany
, after Deutsche Bank
, headquartered in Frankfurt am Main
.
, retail banking
and mortgaging
. It suffered reversals in investment banking
in early 2000s and scaled back its Securities unit. The investment banking unit was rebuilt later under the banner of Corporates and Markets. The new investment banking unit was hugely successful in many areas including fixed income, commodities, FX and Funds of Hedge Funds (COMAS) Investment banking, capital market, equities, and corporate banking operations are now integrated as a division of the Commerzbank group.
Commerzbank holds a nationwide network of branch offices throughout Germany
and numerous branch offices in the EU and Europe (namely London, Luxembourg
, Poland, Spain and Switzerland) and with a leading market share in online banking
. EuroHypo
is an integral part of Commerzbank.
The bank holds representations and holdings in various commercial and financial centers in Asia and the Americas
.
Commerzbank was founded in 1870 by individual and merchant bankers in Hamburg
, Germany
. After merging
with Berliner Bank, it moved its headquarters to Berlin in 1905. After World War II
, the headquarters first moved to Düsseldorf
and, in 1958, to Germany
's financial centre, Frankfurt
.
The Commerzbank Tower
(designed by British architect
Norman Foster
) was Europe's first ecological skyscraper
and also, from its completion in 1997 until 2004, Europe's tallest skyscraper at a height of 259 meters.
Commerzbank was the first German bank to establish a branch in New York City in 1971, however this office was significantly scaled back in 2004 with the demise of its investment banking unit, Commerzbank Securities.
In August 2008, Commerzbank announced that it would purchase 100% of Dresdner Bank
for 5.5 billion Euro, largely with shares. Dresdner Bank was legally merged with Commerzbank on 11 May 2009 and ceased to be an independent entity.
December 2008 - January 2009. The German Government is supporting Commerzbank with a loan of up to 18.2 Billion Euros.
In 2009, Dresdner Bank
merged into Commerzbank, bringing with it the Dresdner Kleinwort
subsidiary
In 2010, Commerzbank reneged on pay commitments to Dresdner staff
EuroHypo AG
Bank
A bank is a financial institution that serves as a financial intermediary. The term "bank" may refer to one of several related types of entities:...
in Germany
Germany
Germany , officially the Federal Republic of Germany , is a federal parliamentary republic in Europe. The country consists of 16 states while the capital and largest city is Berlin. Germany covers an area of 357,021 km2 and has a largely temperate seasonal climate...
, after Deutsche Bank
Deutsche Bank
Deutsche Bank AG is a global financial service company with its headquarters in Frankfurt, Germany. It employs more than 100,000 people in over 70 countries, and has a large presence in Europe, the Americas, Asia Pacific and the emerging markets...
, headquartered in Frankfurt am Main
Frankfurt
Frankfurt am Main , commonly known simply as Frankfurt, is the largest city in the German state of Hesse and the fifth-largest city in Germany, with a 2010 population of 688,249. The urban area had an estimated population of 2,300,000 in 2010...
.
Activities
Commerzbank is mainly active in commercial bankCommercial bank
After the implementation of the Glass–Steagall Act, the U.S. Congress required that banks engage only in banking activities, whereas investment banks were limited to capital market activities. As the two no longer have to be under separate ownership under U.S...
, retail banking
Retail banking
Retail banking is banking in which banking institutions execute transactions directly with consumers, rather than corporations or other banks. Services offered include: savings and transactional accounts, mortgages, personal loans, debit cards, credit cards, and so forth.-Types of...
and mortgaging
Mortgage loan
A mortgage loan is a loan secured by real property through the use of a mortgage note which evidences the existence of the loan and the encumbrance of that realty through the granting of a mortgage which secures the loan...
. It suffered reversals in investment banking
Investment banking
An investment bank is a financial institution that assists individuals, corporations and governments in raising capital by underwriting and/or acting as the client's agent in the issuance of securities...
in early 2000s and scaled back its Securities unit. The investment banking unit was rebuilt later under the banner of Corporates and Markets. The new investment banking unit was hugely successful in many areas including fixed income, commodities, FX and Funds of Hedge Funds (COMAS) Investment banking, capital market, equities, and corporate banking operations are now integrated as a division of the Commerzbank group.
Commerzbank holds a nationwide network of branch offices throughout Germany
Germany
Germany , officially the Federal Republic of Germany , is a federal parliamentary republic in Europe. The country consists of 16 states while the capital and largest city is Berlin. Germany covers an area of 357,021 km2 and has a largely temperate seasonal climate...
and numerous branch offices in the EU and Europe (namely London, Luxembourg
Luxembourg
Luxembourg , officially the Grand Duchy of Luxembourg , is a landlocked country in western Europe, bordered by Belgium, France, and Germany. It has two principal regions: the Oesling in the North as part of the Ardennes massif, and the Gutland in the south...
, Poland, Spain and Switzerland) and with a leading market share in online banking
Online banking
Online banking allows customers to conduct financial transactions on a secure website operated by their retail or virtual bank, credit union or building society.-Features:...
. EuroHypo
EuroHypo
Eurohypo is a European real estate bank and based in Eschborn, Frankfurt. Eurohypo is 100% owned by Commerzbank. It is the eleventh-largest bank in Germany with a balance sheet of € 214.2 billion in 2007....
is an integral part of Commerzbank.
The bank holds representations and holdings in various commercial and financial centers in Asia and the Americas
Americas
The Americas, or America , are lands in the Western hemisphere, also known as the New World. In English, the plural form the Americas is often used to refer to the landmasses of North America and South America with their associated islands and regions, while the singular form America is primarily...
.
History
Hamburg
-History:The first historic name for the city was, according to Claudius Ptolemy's reports, Treva.But the city takes its modern name, Hamburg, from the first permanent building on the site, a castle whose construction was ordered by the Emperor Charlemagne in AD 808...
, Germany
Germany
Germany , officially the Federal Republic of Germany , is a federal parliamentary republic in Europe. The country consists of 16 states while the capital and largest city is Berlin. Germany covers an area of 357,021 km2 and has a largely temperate seasonal climate...
. After merging
Mergers and acquisitions
Mergers and acquisitions refers to the aspect of corporate strategy, corporate finance and management dealing with the buying, selling, dividing and combining of different companies and similar entities that can help an enterprise grow rapidly in its sector or location of origin, or a new field or...
with Berliner Bank, it moved its headquarters to Berlin in 1905. After World War II
World War II
World War II, or the Second World War , was a global conflict lasting from 1939 to 1945, involving most of the world's nations—including all of the great powers—eventually forming two opposing military alliances: the Allies and the Axis...
, the headquarters first moved to Düsseldorf
Düsseldorf
Düsseldorf is the capital city of the German state of North Rhine-Westphalia and centre of the Rhine-Ruhr metropolitan region.Düsseldorf is an important international business and financial centre and renowned for its fashion and trade fairs. Located centrally within the European Megalopolis, the...
and, in 1958, to Germany
Germany
Germany , officially the Federal Republic of Germany , is a federal parliamentary republic in Europe. The country consists of 16 states while the capital and largest city is Berlin. Germany covers an area of 357,021 km2 and has a largely temperate seasonal climate...
's financial centre, Frankfurt
Frankfurt
Frankfurt am Main , commonly known simply as Frankfurt, is the largest city in the German state of Hesse and the fifth-largest city in Germany, with a 2010 population of 688,249. The urban area had an estimated population of 2,300,000 in 2010...
.
The Commerzbank Tower
Commerzbank Tower
Commerzbank Tower, located in the city centre of Frankfurt, Germany, is the tallest completed skyscraper in the European Union. After it was completed in 1997 it ranked as the tallest skyscraper in Europe until 2005 when it was surpassed by the Triumph-Palace in Moscow...
(designed by British architect
Architect
An architect is a person trained in the planning, design and oversight of the construction of buildings. To practice architecture means to offer or render services in connection with the design and construction of a building, or group of buildings and the space within the site surrounding the...
Norman Foster
Norman Foster, Baron Foster of Thames Bank
Norman Robert Foster, Baron Foster of Thames Bank, OM is a British architect whose company maintains an international design practice, Foster + Partners....
) was Europe's first ecological skyscraper
Skyscraper
A skyscraper is a tall, continuously habitable building of many stories, often designed for office and commercial use. There is no official definition or height above which a building may be classified as a skyscraper...
and also, from its completion in 1997 until 2004, Europe's tallest skyscraper at a height of 259 meters.
Commerzbank was the first German bank to establish a branch in New York City in 1971, however this office was significantly scaled back in 2004 with the demise of its investment banking unit, Commerzbank Securities.
In August 2008, Commerzbank announced that it would purchase 100% of Dresdner Bank
Dresdner Bank
Dresdner Bank AG was one of Germany's largest banking corporations and was based in Frankfurt. It was acquired by competitor Commerzbank in December 2009.- 19th century :...
for 5.5 billion Euro, largely with shares. Dresdner Bank was legally merged with Commerzbank on 11 May 2009 and ceased to be an independent entity.
December 2008 - January 2009. The German Government is supporting Commerzbank with a loan of up to 18.2 Billion Euros.
Subsidiaries
- ComDirect Bank
In 2009, Dresdner Bank
Dresdner Bank
Dresdner Bank AG was one of Germany's largest banking corporations and was based in Frankfurt. It was acquired by competitor Commerzbank in December 2009.- 19th century :...
merged into Commerzbank, bringing with it the Dresdner Kleinwort
Dresdner Kleinwort
Dresdner Kleinwort was a British-based investment bank: it disappeared as a brand from the world of investment banking in September 2009, when its remaining businesses adopted the Commerzbank branding.-History:...
subsidiary
In 2010, Commerzbank reneged on pay commitments to Dresdner staff
- Collegium Glashütten
EuroHypo AG
Trivia
- The Commerzbank TowerCommerzbank TowerCommerzbank Tower, located in the city centre of Frankfurt, Germany, is the tallest completed skyscraper in the European Union. After it was completed in 1997 it ranked as the tallest skyscraper in Europe until 2005 when it was surpassed by the Triumph-Palace in Moscow...
was featured as a default background for the Motorola RAZR cell phone.