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Commerzbank Aktiengesellschaft, DE000CBK1001

Commerzbank Aktiengesellschaft, DE000CBK1001

22.07.2021 - 15:57:29

Commerzbank Board of Managing Directors stops project for outsourcing securities settlement - Exceptional write-off of around ?200 million necessary

Today, Commerzbank's Board of Managing Directors decided to end the project for outsourcing securities settlement to HSBC Transaction Services GmbH with immediate effect. The reasons for the decision are technical implementation risks and changed market conditions. Due to the project stop, the Bank is anticipating an exceptional write-off of around ?200 million in the second quarter of 2021. The exceptional write-off will not impact the liquidity or the Common Equity Tier 1 (CET1) capital of the Bank. Furthermore, provisions in the double-digit millions will be set aside. This year's cost target of ?6.5 billion remains valid in operational terms. However, the expenses for the exceptional write-off come in addition. ****

Disclaimer This release contains forward-looking statements. Forward-looking statements are statements that are not historical facts. In this release, these statements concern inter alia the expected future business of Commerzbank, efficiency gains and expected synergies, expected growth prospects and other opportunities for an increase in value of Commerzbank as well as expected future financial results, restructuring costs and other financial developments and information. These forward-looking statements are based on the management's current plans, expectations, estimates and projections. They are subject to a number of assumptions and involve known and unknown risks, uncertainties and other factors that may cause actual results and developments to differ materially from any future results and developments expressed or implied by such forward-looking statements. Such factors include the conditions in the financial markets in Germany, in Europe, in the USA and other regions from which Commerzbank derives a substantial portion of its revenues and in which Commerzbank holds a substantial portion of its assets, the development of asset prices and market volatility, especially due to the ongoing European debt crisis, potential defaults of borrowers or trading counterparties, the implementation of its strategic initiatives to improve its business model, the reliability of its risk management policies, procedures and methods, risks arising as a result of regulatory change and other risks. Forward-looking statements therefore speak only as of the date they are made. Commerzbank has no obligation to update or release any revisions to the forward-looking statements contained in this release to reflect events or circumstances after the date of this release.

Contact: Christoph Wortig Head of Investor Relations Commerzbank AG Investor Relations Tel.: +49 69 136 - 21331 e-mail:ir@commerzbank.com

22-Jul-2021 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de

Language: English Company: Commerzbank Aktiengesellschaft Kaiserstra?e 16 60311 Frankfurt am Main

Germany Phone: +49 (069) 136 20 Fax: - E-mail: pressestelle@commerzbank.com Internet: www.commerzbank.de ISIN: DE000CBK1001 WKN: CBK100 Indices: MDAX, CDAX, HDAX, PRIMEALL Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange EQS News ID: 1220974 ? End of Announcement DGAP News Service

1220974??22-Jul-2021?CET/CEST

@ dgap.de