It also provided its shareholders with a 72% increase in stocks’ value for 2005.
Focus on smaller businesses, development of private and business customer relations, and improvement of the bank’s financial strength played a crucial role in Commerzbank’s turnaround. The acquisition of Eurohypo Mortgage Bank created a broader customer base, improved product range and cross-selling potential and brought significant expertise in commercial real estate and public finance.
“For us, this prestigious award represents unequivocal acknowledgement of the turnaround achieved in the past few years,” says chief executive Klaus-Peter Müller. “Thanks to concentrated and strenuous efforts by management and staff, Commerzbank is a dynamic European financial institution and a leading universal bank in its home market. Here, our position has been further strengthened by the acquisition and smooth integration of Eurohypo, an international leader in commercial real estate and public finance. Pursuing our strategy of expansion in Europe, and especially in central and eastern Europe, we are currently building a stronger presence in Russia through Promsvyazbank.”
