Commerzbank: Manfred Knof to become the new Chairman of the Board of Managing Directors

DJ Commerzbank: Manfred Knof to become the new Chairman of the Board of Managing Directors

Commerzbank Aktiengesellschaft (CZB) 
Commerzbank: Manfred Knof to become the new Chairman of the Board of 
Managing Directors 
 
26-Sep-2020 / 20:26 CET/CEST 
Dissemination of a Regulatory Announcement, transmitted by EQS Group. 
The issuer is solely responsible for the content of this announcement. 
 
*- Manfred Knof to succeed Martin Zielke from 1 January 2021 
- Vetter: 'I am pleased that we have been able to win Manfred Knof for the 
role of Commerzbank's CEO.'* 
 
At its meeting today, the Supervisory Board of Commerzbank unanimously 
appointed Manfred Knof (55) as successor to Martin Zielke as Chairman of the 
Commerzbank Board of Managing Directors. 
This decision is subject to the approval of supervisory authorities. 
 
Hans-Jörg Vetter, Chairman of the Supervisory Board of Commerzbank, said: 'I 
am pleased that we have been able to win Manfred Knof for the role of 
Commerzbank's CEO. Manfred Knof is an experienced and highly effective top 
manager who has proven himself in a wide range of tasks in the financial 
services industry. He brings the necessary expertise and human leadership 
skills for the tasks that lie ahead of the Bank.' 
 
Manfred Knof said: 'I have a great deal of respect for this new assignment. 
Commerzbank, with its Mittelstandsbank, has a high relevance for the German 
economy. Its Private Clients Business has shown a very innovative approach. 
And Commerzbank has a unique culture that I am very much looking forward 
to.' 
 
Vetter thanked Martin Zielke, who will remain Commerzbank's CEO until 31 
December 2020, for his performance at the helm of the Bank: 'As a CEO, 
Martin Zielke successfully focused Commerzbank's business model and pushed 
ahead with the digitalisation of the Bank. In doing so, he has set important 
strategic impulses, which will be decisive for Commerzbank's future success. 
Martin Zielke has shown great engagement for Commerzbank in the last 18 
years and has also supported me personally. For this, I express personally 
and also on behalf of the Supervisory Board my sincere thanks and respect to 
him.' 
 
From 1 August 2019 to its merger into Deutsche Bank AG in Mai this year, 
Manfred Knof was Chairman of the Board of DB Privat- und Firmenkundenbank AG 
and now continues to be Head of Deutsche Bank's Private Bank Germany. 
Until 2017, he was Chief Executive Officer of Allianz Deutschland AG and 
comprehensively digitalised the business of the insurer, was responsible for 
the growth initiatives in all distribution channels and steered Allianz' 
Turn-Around program. In 1995, he joined the Allianz Group and held various 
management positions in Germany and abroad, including Regional CEO of 
Central and Eastern Europe. Between 2003 and 2005, he held various positions 
at Dresdner Bank, most recently as Head of the private banking business in 
Southern Germany, with responsibility for more than 1000 branches. He began 
his career in 1991 at the management consultancy Kienbaum Management 
Consultants in Düsseldorf. 
Knof studied law at the University of Cologne and attained its doctorate in 
1994. He also holds a Master of Business Administration from New York 
University. Manfred Knof is married and has two sons. 
 
***** 
 
*Press contact* 
Richard Lips [phone] or [phone] 
Margarita Thiel [phone] or [phone] 
 
***** 
 
About Commerzbank 
Commerzbank is a leading international commercial bank with branches and 
offices in nearly 50 countries. The Bank's two business segments - Private 
and Small-Business Customers and Corporate Clients - offer a comprehensive 
portfolio of financial services precisely tailored to their customers' 
needs. Commerzbank transacts approximately 30% of Germany's foreign trade 
and is the market leader in German corporate banking. The Bank offers its 
sector expertise to its corporate clients in Germany and abroad and is a 
leading provider of capital market products. Its subsidiaries, Comdirect in 
Germany and mBank in Poland, are two innovative online banks. With 
approximately 800 branches going forward, Commerzbank has one of the densest 
branch networks in Germany. The Bank serves around 11.5 million private and 
small-business customers nationwide and over 70,000 corporate clients, 
multinationals, financial service providers, and institutional clients 
worldwide. Its Polish subsidiary mBank S.A. has around 5.7 million private 
and corporate customers, predominantly in Poland, but also in the Czech 
Republic and Slovakia. In 2019, Commerzbank generated gross revenues of 
&euro8.6 billion with approximately 48,500 employees. 
***** 
*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. 
 
ISIN:          DE000CBK1001 
Category Code: MSCU 
TIDM:          CZB 
LEI Code:      851WYGNLUQLFZBSYGB56 
Sequence No.:  84930 
EQS News ID:   1137133 
 
End of Announcement EQS News Service 
 
 

(END) Dow Jones Newswires

September 26, 2020 14:26 ET (18:26 GMT)