1870–1918 On 26 February 1870, , a merchant successful in South American trade, together with other trading houses and private bankers in
Hamburg, founded the Commerz- und Diskonto-Bank. The goal was to provide financial resources to Hamburg's trade and facilitate international commerce. The banking houses of
Mendelssohn & Co.,
M. M. Warburg & Co.,
Hesse Newman, and
B.H. Goldschmidt were among the founding investors. In 1873 the bank sponsored the creation of an affiliate in London, the
London and Hanseatic Bank, of which it subscribed about half of the shares. In 1905 it acquired Berliner Bank (est. 1889 following the liquidation of the cooperative
Berliner Handelsbank e.G., est. 1878) and from then until 1931 maintained two head offices in Hamburg and Berlin, the latter at Behrensstrasse 46 / Charlottenstrasse 47. It acquired a number of regional and private banks, including B. Magnus (est. 1826 in
Hanover) in 1897 and Altonaer Bank (
Altona) in 1910. During
World War I the
London and Hanseatic Bank, the subsidiary established in 1873, was seized by the British authorities, together with other German-owned banks. photographed in 1886 File:Commerz- und Disconto-Bank Hamburg.jpg|Undated engraving of the Hamburg head office following early-20C reconstruction File:Commerzbank HH-Altstadt01.jpg|The same building in 2006 File:Commerz- und Privat-Bank Berlin 1923.jpg|alt=Former head office of Berliner Bank in Berlin, as remodeled in 1923 with addition of upper floors: 43|Former head office of Berliner Bank in Berlin, as remodeled in 1923 with addition of upper floors File:Berlin, Mitte, Behrenstrasse, Berliner Bank 05.jpg|The same building in 2009, heavily remodeled and repurposed as head office of
DSGV 1918–1933 In 1920 the bank acquired
Mitteldeutsche Privat-Bank, a significant institution established 1856 in
Magdeburg with a dense branch network in
Saxony and
Thuringia, and renamed itself Commerz- und Privat-Bank AG. By 1930 Commerz- und Privatbank was Germany's fourth-largest joint-stock bank by total deposits with 1.5 billion Reichsmarks, behind
Deutsche Bank & Disconto-Gesellschaft (4.8 billion),
Danat-Bank (2.4 billion), and
Dresdner Bank (2.3 billion) and ahead of
Reichs-Kredit-Gesellschaft (619 million) and
Berliner Handels-Gesellschaft (412 million). Following the
European banking crisis of 1931 the bank consolidated all head office functions in Berlin, then in February 1932 was prompted by the
Reichsbank to absorb the distressed (established 1867 in
Wuppertal, relocated to
Düsseldorf in 1924). As a consequence, the government held 71 percent of the merged entity's capital, mainly through the Reichsbank subsidiary
Deutsche Golddiskontbank. In November 1932 the Commerz- und Privatbank chief executive
Friedrich Reinhart and chairman were among the signatories of the
Industrielleneingabe petition of business leaders that advised President
Paul von Hindenburg to appoint
Adolf Hitler as chancellor. File:Magdeburg Magdeburger Hauptgebäude, Otto-von-Guericke-Straße 27 28.jpg|Former head office building of Mitteldeutsche Privat-Bank in
Magdeburg, Commerz branch in the mid-1920s File:Otto-von-Guericke-Straße 27, 28 (Magdeburg-Alstadt).ajb.jpg|The same building in 2014, by then a branch of
HypoVereinsbank File:AHW Commerz- Privatbank Troendlinring Leipzig um 1920.jpg|Commerz- und Privatbank in Leipzig, 1920 File:Hessischer-bankverein.jpg|Former head office of
Hessischer Bankverein in
Kassel, taken over by Commerzbank in 1922 File:Commerzbank, Kassel, Königsplatz.jpg|The same building in 2014 File:Gräflich Hatzfeld'sches Palais an der Steinstraße 20 in Düsseldorf, erbaut vom Architekten Franz Deckers, erworben vom Düsseldorfer Bankverein, später Barmer Bankverein, Umbau vom Architekten Wilhelm Kordt.jpg|''Hatzfeld'sches Palais'' in Düsseldorf, later Barmer Bankverein building File:Commerzbank Düsseldorf.jpg| in Düsseldorf File:Wuppertal Barmen 05 ies.jpg|Former Barmer Bankverein building in Wuppertal
1933–1945 The Commerz- und Privat-Bank paid its first dividend in five years in 1935, and returned to private ownership in 1936–1937. In line with the Nazi policy of
aryanization, the bank discarded its Jewish staff, which by 1933 represented around 14 percent of its senior executives and 1.6 percent of overall employees. Supervisory board members and
Albert Katzenellenbogen left in 1933 and 1937 respectively, as did management board member Ludwig Berliner in 1933. All three would be murdered in the early 1940s under the
Final Solution policy. By 1938 Commerzbank no longer had any Jewish employees. By September 1939 it had 6,900 employees, of which 16 percent were mobilized into the
Wehrmacht. In 1940 the bank formally adopted the name Commerzbank AG, by which it had already been referred to for a long time. Customers could now withdraw cash in 30 European countries using a cheque card. The Eurocheque card with a magnetic strip for ATMs was introduced in 1981. In 1970, Commerzbank founded the non-profit Commerzbank Foundation. As an independent foundation of civil law, it aims to promote and support the social commitment of Commerzbank. The focus areas are science, culture, and social welfare. The Commerzbank Foundation supports disadvantaged people, such as in their professional integration, and promotes contemporary art. In the early 1980s, Commerzbank faced a crisis due to mistakes in assessing interest rate developments. The good economic conditions later favored the restructuring under the leadership of Walter Seipp. File:1971 New York Commerzbank-Filiale.jpg|Opening of the first Commerzbank branch in New York City (1971) File:1974 Commerzbank altes Hochhaus.jpg|alt=Former Commerzbank head office tower [de] at Neue Mainzer Strasse 32-36 in Frankfurt, designed by architect Richard Heil, upon completion in 1974: 128|
Neue Mainzer Straße 32–36 at Neue Mainzer Strasse 32-36 in Frankfurt, designed by architect Richard Heil, upon completion in 1974 File:Commerzbank Tower im Bau 2.jpg|Commerzbank Tower under construction in Frankfurt, 1996 File:Hochhaus Hafenstraße 51, Frankfurt-Gallus.jpg|Commerzbank high-rise at Hafenstrasse 51, Frankfurt, in 2007
1990–1998 in Berlin, reconstructed in 1998 as In 1990, Commerzbank moved its registered office from
Düsseldorf to Frankfurt am Main. The
German reunification allowed Commerzbank to tap into new target groups; in the first three months after the
Monetary, Economic and Social Union of Germany, around 80,000 customers and thousands of corporate clients chose the bank.
Klaus-Peter Müller, appointed to the board in 1990, led the department responsible for preparing business in the new federal states. The bank's engagement in the East developed into a crucial advantage. Alongside expansion in the domestic market, Commerzbank continued its internationalization, such as by opening an office in Bangkok. Later, Commerzbank became the first international financial institution to open a branch in South Africa. Commerzbank established its management consultancy to meet the demand for professional support. In the early 1990s, Commerzbank significantly increased its earnings. However, the
stock price remained comparatively low, leading to cost reductions and job cuts. This further improved the profit situation. Commerzbank then promised its shareholders a higher dividend. In 1991, a cross-border collaboration with the French Crédit Lyonnais was announced, seen as a signal for consolidation in the European financial industry. Two years later, a tri-national cooperation was established between the German Commerzbank, the British
National Westminster Bank, and the French
Société Générale. In 1994, Commerzbank founded
Comdirect Bank, becoming the first major German bank to enter the emerging direct banking market. 1999, Commerzbank also sold computers to facilitate customers' access to online banking. The branch network was also upgraded with digital technologies. At that time, the bank earned around two-thirds of its income abroad, for example, through its new representation in Taipei and expansions in Hungary and the Czech Republic. However, CEO still demanded more performance, especially from the sales of domestic branches. Commerzbank aimed to significantly increase its return on equity in the second half of the 1990s to remain competitive internationally. Due to its comparatively low balance sheet total internationally, Commerzbank was seen as a takeover candidate in the 1990s. The board pursued an independent continuation of the business, interpreted as rejecting a merger with Deutsche Bank. Also, a potential acquisition of
Postbank by Commerzbank, which was discussed at times and would have led to a financial conglomerate with a building society and insurance, ultimately did not materialize. The bank managed to increase its customer base significantly. With fewer branches, it generated more profit. At the same time, innovative new services were created, such as cash withdrawal at gas stations and online banking for corporate customers. The public critically received the outsourcing of employees to a temporary employment agency. After acquiring stakes in numerous foreign banks and insurance companies during the 1990s, Commerzbank bought around 30 percent of the
Korea Exchange Bank in 1998 to more actively participate in developing emerging Asian markets. Despite the continent's financial market problems, the bank saw opportunities for above-average growth. Alongside international expansion, Commerzbank focused on strengthening its European presence, mainly through alliances with other large banks.
2001–2009 Commerzbank suffered reversals in a disastrous foray into
investment banking in the first half decade of the 2000s and eventually shut down its Commerzbank Securities investment banking unit run by
Mehmet Dalman and Roman Schmidt after Chairman
Klaus-Peter Müller labelled it a "problem child" and a review by consulting firm
Mercer Oliver Wyman which concluded that Commerzbank Securities lacked a viable business model. What was left of Commerzbank Securities was folded into a division of the commercial bank called Corporates and Markets. In 2001, Commerzbank restructured its domestic business. It created a bank for private customers and a separate unit for corporate and investment clients. Units were sometimes opened on Saturdays to remain competitive in the increasingly challenging private customer market. In 2004, it confirmed the acquisition of based in Hof, gaining 70 branches and 29 other locations in Bavaria, Thuringia, and Saxony, increasing its private customer base by 360,000 to 4.3 million. The transaction was seen as rejecting a merger with the Bavarian
HypoVereinsbank. In addition to digital activities and growth in the domestic market, especially among corporate clients, Commerzbank explored various acquisitions in Central and Eastern Europe. With the majority takeover of Poland's BRE Bank (today's mBank) in 2003, it significantly expanded its regional engagement. Moreover, Commerzbank grew in smaller markets, such as in Romania. Revenues from Central and Eastern Europe were expected to grow significantly. Furthermore, Commerzbank relocated back-office activities, such as IT systems, to Poland and the Czech Republic. In 2001, the three major Frankfurt banks, Deutsche Bank, Dresdner Bank, and Commerzbank, decided to establish a joint mortgage bank.
Eurohypo commenced its business operations in the second half of 2002. Following the
dot-com bubble's collapse and subsequent turmoil in financial markets, Commerzbank had to make significant write-downs on its stake as early as 2003. For a time, the major shareholders even waived their dividends to improve the financing of Eurohypo. Eurohypo distanced itself from Commerzbank. An
initial public offering (IPO) was initially discussed to strengthen the company's independence. Despite initial challenges, Eurohypo became an important component in Commerzbank's earnings statement. Therefore, the bank stopped the IPO planned 2005 to prepare for its takeover of Eurohypo. The re-entry into public and real estate financing marked a significant change in the company's strategy. Eurohypo initially insisted on its independence. In November 2005, Commerzbank finally announced the complete takeover of Eurohypo after agreeing on terms for acquiring shares from Deutsche Bank and Dresdner Bank. This step elevated Commerzbank to the second-largest bank in Germany. Observers described the surprising acquisition as a strategic coup, especially in competition with domestic rivals. To finance the acquisition, the bank conducted a capital increase. Even after the takeover, Eurohypo remained largely independent. The real estate business became an essential pillar of the group. As early as the early 2000s, there were rumors about a merger of Commerzbank with another major European financial institution. After the failed merger of Deutsche Bank with Dresdner Bank, Commerzbank was considered the most likely candidate for acquiring Dresdner Bank. Such discussions started around June 2000. The possibilities discussed included the formation of a large financial conglomerate, possibly involving Allianz. Trade unions viewed the merger of Commerzbank and Dresdner Bank critically in light of potential job cuts, as did the investment company Cobra, which held stakes in both financial institutions. On the other hand,
Generali, the Italian finance and insurance conglomerate and another major shareholder of Commerzbank, explicitly expressed positive views on the plans. Ultimately, the plans failed because it was impossible to bring together the different interests of all parties into a familiar concept. A critical factor was also the conflict over the valuation of Commerzbank and Dresdner Bank. Additionally, a cross-border merger was considered more sensible. Both banks emphasized their independence. During the
2008 financial crisis, there were renewed speculations about the merger of Commerzbank with other banks. Initially, there was also talk of a large merger involving Commerzbank, Dresdner Bank, and Postbank. By mid-year, a merger of Commerzbank and Dresdner Bank was likely. In particular, Allianz, as the largest shareholder of Dresdner Bank, expected new momentum for its business from such a merger. After months of negotiations, the parties finally announced Commerzbank's takeover of Dresdner Bank. This was seen as a milestone in reorganizing the German financial industry. Allianz valued the purchase price at around 9.8 billion euros, assuming loss risks of up to 975 million euros. In the first step, Commerzbank was to acquire about 60 percent of Dresdner Bank, with plans to buy the remaining shares later. This was the largest merger of two financial institutions in years. Commerzbank and Dresdner Bank both expected to realize millions in synergies. Although
Allianz initially rejected renegotiations, the parties agreed to reduce the purchase price to 5.5 billion euros. It was also decided to move the takeover from the second half of 2009 to the beginning of the year. Analysts and investors criticized the merger of Commerzbank and Dresdner Bank during the
2008 financial crisis. The transaction significantly affected the stock prices of all involved companies. Due to the credit risks of Dresdner Bank that became apparent at the end of 2008, Commerzbank utilized the Special Fund for Financial Market Stabilization (
SoFFin). After the German federal government and the
European Commission agreed on the assistance details, Commerzbank received a silent participation of 8.2 billion euros. Initially, Commerzbank emphasized that the state's participation was necessary due to the devaluation of banks and not specifically because of the takeover of Dresdner Bank. By the end of 2009, this assessment had to be revised. Commerzbank sought additional state aid, leading to the Federal Republic of Germany acquiring over 25 percent of Commerzbank's shares, thereby securing a blocking minority. This was the first partial nationalization of a German financial institution. The silent participation of SoFFin increased to around 16.4 billion euros. In January 2009, Commerzbank became the sole owner of Dresdner Bank, holding 100 percent of its shares. The merger of Dresdner Bank into Commerzbank was registered in the commercial register in May of the same year. An agreement on balancing interests and a social plan, including a new organizational structure for the headquarters, was reached with the employee representatives. Even after the takeover, the major bank maintained its lending to the struggling German economy to prevent a credit crunch in the mid-market sector. At the end of March 2009, Commerzbank formed its internal bad bank, called PRU (Portfolio Restructure Unit), into which non-strategically valuable securities worth 15.5 billion euros from Commerzbank and 39.9 billion euros from Dresdner Bank were outsourced. A joint bad bank with the nationalized
Hypo Real Estate was sometimes discussed. The following years were marked by the integration of Dresdner Bank into Commerzbank. The merging of IT platforms, in particular, became a challenge. The "Dresdner Bank" brand was gradually phased out, with the new Commerzbank adopting some aspects of Dresdner Bank's former
corporate identity. The rebranding became visible at branches within three weeks. By May 2011, both financial institutions' strategic and operational integration was largely completed. Commerzbank evaluated the process as a success and highlighted the positive response from all relevant target groups.
2011–2023 In 2011, Commerzbank began repaying the silent participation of SoFFin. One of the most significant capital increases in German history partly financed this: a total volume of 14 billion euros, comprising 11 billion from investors and 3 billion from the bank's reserves. Despite criticism, the general meeting approved the measure. As a result of the
2008 financial crisis and partial nationalization, the bank lost public trust. At the end of 2012, the bank launched an advertising campaign in which it openly admitted past mistakes and positioned itself as a fair and competent financial service provider. This was met with criticism in the industry. The Greek debt crisis and its global impact unexpectedly heavily affected Commerzbank's profitability. The bank responded with a radical austerity program, which included limiting credit outside Germany and Poland. By selling Cominvest to Allianz, Commerzbank no longer owned its own fund company. Additionally, Eurohypo was to be sold or split up. Write-downs on government bonds and real estate loans continuously led to losses, making the company no longer viable. Therefore, in 2012, the bank ultimately decided on a wind-down, accepting further losses in the accelerated reduction of its portfolio. The decade following the takeover and integration of Dresdner Bank brought further profound changes for Commerzbank caused by the digitalization of all areas of public life. In response,
Martin Zielke, who became CEO in 2016, announced a radical restructuring. Commerzbank mainly aimed to strengthen its private and corporate customer business in Germany further. The focus was now on a profitable multi-channel bank. To this end, the bank maintained its branch network while many other banks reduced their local presence. Additionally, the thriving business with medium-sized corporate customers was to continue unhindered. In 2019, there were concrete talks between Commerzbank and Deutsche Bank about a merger. However, after a thorough examination, the boards of both banks needed more added value, so the merger ultimately did not happen. The cancellation led to further disagreements with major shareholders over Commerzbank's strategic direction. These were the reasons for the joint resignation of the Chairman of the
Board of Managing Directors and the Chairman of the
Supervisory Board in the summer of 2020. In January 2021, took over as chairman of the Board of Commerzbank. Under his leadership, the board focused on profitability, customer orientation, sustainability, and digitalization. Based on Commerzbank's advisory expertise and Comdirect's digital competence, the business model of a digital advisory bank was established. The concept of the multi-channel bank was further developed to create equal access for customers online and offline. An example of this is the newly introduced nationwide advisory centers. Costs were massively reduced to maintain Commerzbank's independence and cushion risks from inflation and interest rate developments. By early 2023, around 10,000 full-time positions were cut, and about half of all branches in Germany were closed. In the financial year 2022, the bank reported its best result in over ten years and was pleased to rejoin the German leading index, DAX, in 2023. Observers attributed the good results partly to the increased central bank base rates. The development of the corporate customer business was also highlighted. German economic media spoke of a "turnaround" for Commerzbank after the
2008 financial crisis. The bank continued the positive development in the financial year 2023 and further increased its profit. It was the best result in 15 years. For the financial year 2022, Commerzbank distributed 30 percent of its profit to shareholders. It was the first distribution since 2018. In addition to paying a dividend of 20 cents per share, the bank conducted the first share buyback in its history in June 2023, with a volume of 122 million euros. For the financial year 2023 the bank targets to distribute 50 percent of the profit to shareholders, consisting of another share buyback with a volume of 600 million euros and a planned dividend payment. Based on its capital return policy the bank aims to increase the pay-out ratio to at least 70 percent for the financial year 2024, but not more than the net result. This would also benefit the Federal Republic of Germany's Finance Agency as the largest single shareholder.
2024–present On 14 February 2024 the FRG was reported to have declined to take part in Commerzbank's share buy-back programme. As a result, the FRG would increase its stake in the institution to 16.5%. In September 2024 the FRG revealed plans to sell a 4.5% percent chunk of Commerzbank. It was revealed later that month that
UniCredit under
Andrea Orcel had been the buyer, and that he had informed the
European Central Bank of his intention to increase his stake to more than 30%. Chancellor
Olaf Scholz was affronted and angry and adjunct Finance Minister
Florian Toncar counselled against the Italian's plan. As of 2025 Commerzbank was Germany's second-largest retail bank and had around 20,000 full-time employees in its home market. CEO Bettina Orlopp announced in February 2025 that around 3,900 full-time positions will be cut by 2028. Around 3,300 of these will be in Germany. Also in 2025, the bank wants to prevent a hostile takeover by the Italian institute
UniCredit. In July 2025, UniCredit announced that it had increased its stake in Commerzbank to 20%. On 16 March 2026,
UniCredit officially launched a €35bn takeover bid on Commerzbank, which consists in a voluntary exchange offer valuing Commerzbank at around €35bn and with the stated aim of increasing its stake in the German lender beyond the 30% threshold. == Operations ==