IR Releases - Archive

November 6, 2001

Merger of the property and public-sector financing activities of Commerzbank, Deutsche Bank and Dresdner Bank to form the new Eurohypo AG

Commerzbank AG, Deutsche Bank AG and Dresdner Bank AG agreed to merge their mortgage bank subsidiaries, thereby pooling the strength and the expertise of Deutsche Hyp, Eurohypo and Rheinhyp. In addition, commercial-property financing activities of the parent banks will be integrated into the future unit. The new institution will be called Eurohypo AG.

For the first time in Germany, a merger between mortgage banks is taking place across corporate boundaries. Last year, the three units involved in the merger achieved aggregate sales of EUR 18.4 bn in commercial-property financing. In public sector financing, their combined loan portfolio amounted to EUR 138.3 bn. As things stands today, the relative valuation of the mortgage-bank subsidiaries is 30% for Deutsche Hyp and 35% each for Eurohypo and Rheinhyp. An increase in earnings is expected from 2004 onwards. The institution's target return on equity will clearly exceed the cost of capital. The merger is expected to generate cost synergies of EUR 120 mn a year as from 2004.

The new bank is aiming for a leading market position in commercial-property financing in Germany and Europe. In addition, its mixed bank status, as a result of the legal merger of Eurohypo and Rheinhyp into Deutsche Hyp, will permit further expansion of its operations in North America and a broader range of services. Business activities will focus on providing a complete range of financing to investors in commercial real estate.

Joint Conference Call

A joint conference call today with

  • Klaus Müller-Gebel,
    Member of the Board of Managing Directors, Commerzbank AG
  • Jürgen Fitschen,
    Member of the Group Board, Deutsche Bank AG
  • Dr. Joachim von Harbou,
    Member of the Board of Managing Directors, Dresdner Bank AG
  • Dr. Karsten von Köller,
    Member of the Board of Managing Directors, Rheinische Hypothekenbank AG
  • Bernd Knobloch,
    Member of the Board of Managing Directors, Eurohypo AG
  • Dirk Wilhelm Schuh,
    Member of the Management Board, Deutsche Hypothekenbank Frankfurt-Hamburg AG

will be broadcasted live on 12.30 p.m. (CET) via Internet under “IR Newsboard / Video & Audio” (listen only).

Acrobat Reader charts supporting the telephone conference are available from 10.00 a.m.(CET) onwards on the internet at http: // under „Newsboard / Presentations“.

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