● Merger of Deutsche Schiffsbank AG with Commerzbank AG entered into the Commercial Register
● Business area “Ship Finance” will be named “Deutsche Schiffsbank” in the future
● Commerzbank receives authorisation to issue Public Sector Pfandbriefe and Ship Pfandbriefe
Commerzbank AG has concluded the integration of Deutsche Schiffsbank AG with the entry of the merger into the Commercial Register. Thus the merger became effective on May 22, 2012 and Commerzbank now is the universal successor to Deutsche Schiffsbank AG.
The ship finance business of Commerzbank will be continued in the “Asset Based Finance” segment, which is headed by Commerzbank board member Jochen Klösges. The “Ship Finance” business area will be renamed “Deutsche Schiffsbank” with the registration of the merger. The responsible divisional board member remains Dr. Stefan Otto, to date also the Chairman of the Board of Managing Directors of Deutsche Schiffsbank AG. The brand identity of Deutsche Schiffsbank AG will be replaced with the brand identity of Commerzbank. As of July 1, 2012 the business area “Deutsche Schiffsbank” will, as previously announced, be part of the new Core Bank segment “Real Estate and Ship Finance”.
Furthermore, Commerzbank has been authorised by the Federal Financial Supervisory Authority to issue Public Sector Pfandbriefe and Ship Pfandbriefe as of the point in time the merger became effective. This authorisation lays the foundation for Commerzbank to continue the issuing activity of Deutsche Schiffsbank AG. In the future Commerzbank can issue Ship Pfandbriefe and Public Sector Pfandbriefe so as to further utilise the possibilities offered by secured funding.
