With September 11, 2003, Commerzbank AG – BRE Bank’s strategic partner, holding 50% of the bank’s share capital and the Shareholders’ Meeting’s voices obtained the Commission for Banking Supervision consent to execute above 66%, not more than 75% of voices in the Shareholders’ Meeting of BRE Bank SA.
Basic information: BRE Bank and Commerzbank
** as at 10.09.2003
Commerzbank AG was founded in Hamburg, on 26 February 1870, as Commerz- und Disconto-Bank, predominantly by Hanseatic merchants, merchant bankers and private bankers. In 1873 a subsidiary was established, the London and Hanseatic Bank. This continued to operate until the outbreak of the First World War. In 1897, outlets were established in Frankfurt am Main and Berlin. After taking over Berliner Bank in 1905, Commerz- und Disconto-Bank made the capital city rather than Hamburg the focal point of its activities. Within a few years, it had become one of the leading German banks.In early 1940, the bank assumed the name of Commerzbank Aktiengesellschaft, by which it was already generally known. In West Germany, the Allied Forces ordered the big banks to be broken down into smaller units in 1947/48. In 1958, the various units which had previously constituted Commerzbank reunited to form one unit. The German economic revival, the so-called economic miracle, resulted in strong growth in the banking sector, too.In the fifties, Commerzbank opened a number of representative offices abroad, followed in the sixties and subsequent decades by various subsidiaries and branches. The New York branch, set up in 1971, was the first to be established by a German bank in the US.As a so-called universal bank, Commerzbank covers retail banking, corporate banking and investment banking. It also offers specialised services via a number of subsidiaries, such as leasing, fund management, real-estate and equity investment. Among its leading subsidiaries is comdirect - one of Europe´s leading on-line brokers. Commerzbank´s main areas of activity are Germany and the rest of Europe, as well as North America. Folowing the EU enlargement process as well as the integration with Central and Eastern Europe, Commerzbank extends its presence in this region.