It intends to merge the Hamburg-based Deutsche Schiffsbank into Commerzbank.
Commerzbank said that the integration of the Deutsche Schiffsbank’s business will not affect the business model of the ship financier and its customers will continue to be advised from Hamburg and the bank’s presence in its core markets will also remain unchanged.
Commerzbank board of managing director responsible for ship finance in the asset based finance segment Jochen Klosges said that the ship finance is part of the core business and the integration is the logical next step following the successful reorganization of Deutsche Schiffsbank.
In the last two years, Deutsche Schiffsbank has integrated the credit portfolios and ship finance activities of Deutsche Schiffsbank, Commerzbank and Dresdner Bank.
In 2010, Deutsche Schiffsbank optimized its credit portfolio and reduced risk provisions and has assisted customers with new commercial shipping projects.
Effective 1 July 2011, Stefan Otto will become the Commerzbank divisional board member responsible for the business area Deutsche Schiffsbank.
In addition, Otto will serve as the chairman of the Deutsche Schiffsbank till the completion of planned merger.
Otto was appointed as board of managing director at Deutsche Schiffsbank, effective 1 April 2011.
Otto will succeed the current chairman of the board of managing directors, Werner Weimann, who is retiring as of 1 July 2011. However, Weimann will continue to work with the bank as a consultant after his retirement.
Commerzbank holds 92% of the share capital of Deutsche Schiffsbank and UniCredit owns the remaining shares. Commerzbank and UniCredit are currently discussing the implementation.
