Commerzbank Releases 2008 Restated Figures Including Dresdner
March 27 2009 - 5:03AM
Dow Jones News
Commerzbank AG (CBK.XE), Germany's second-largest bank by market
capitalization, Friday released restated earnings figures for 2008
including the contribution from newly-acquired Dresdner Bank, which
it bought from Allianz SE (AZ).
Based on the closing date of the acquisition Jan. 12, the "new
Commerzbank," including Dresdner, booked a net loss of EUR6.57
billion for 2008.
The merged bank's restated operating loss for 2008 was EUR5.45
billion, its trading loss was at EUR4.68 billion, and restructuring
costs amounted to EUR9.17 billion.
Commerzbank said that in accordance with IFRS 3, all of Dresdner
Bank's assets and liabilities are stated with their fair value at
closing. The balance is offset against Dresdner Bank's equity
capital, or purchase price allocation.
The 'pro-forma' accounts also take into account the business
relations between the two companies, changes in consolidated
entities - full consolidation of Schiffsbank, sale of Cominvest and
Oldenburgische Landesbank - and the sale of a portfolio of
collateralized debt obligations to Allianz.
Company Web site: www.commerzbank.com
-By Ulrike Dauer and William Launder, Dow Jones Newswires; +49
69 29725 500; ulrike.dauer@dowjones.com