The complete takeover of Comdirect by the troubled Commerzbank will also have an effect on the appearance of the financial institutions: the Comdirect brand is to disappear to a large extent. In the current business environment, it makes no sense to act with two brands, said CEO Martin Zielke, "that's why we bring the two together now."
The bank would bundle the forces of Commerzbank and Comdirect "and set a mark in sales and marketing". Instead, Comdirekt should remain as a product name - in the context of "brokerage", ie when trading securities.
Commerzbank intends to take over and integrate Comdirect, in which it holds around 82 percent. As a result of the merger, the Frankfurt-based MDax Group could develop better smartphone apps in the future, for example. Commerzbank is offering 11.44 euros per unit certificate to the other shareholders of Comdirect.
Customers may now be charged higher fees under the approved austerity package. In the future, the Commerzbank "prices differentiated benefits," it said. As a further measure, 4300 jobs will be canceled and one in five of the total of 1000 branches closed.