25.02.2002 - comdirect: Italian subsidiary to be closed
Quickborn, Germany, 25 February 2002. comdirect bank AG today announced the liquidation of comdirect bank S.p.A., Milano, Italy. This decision was made at today's extraordinary general meeting of comdirect bank S.p.A..
Price wars in Italy have led to a price level that is no longer acceptable. This development and the continuing slump of the stock markets have resulted in a business performance that failed to meet plans and expectations in 2001. It was therefore impossible to reach breakeven within the time period originally envisaged.
As other options were not sufficiently successful, comdirect bank AG will now give up its subsidiary. At comdirect bank AG, which holds all shares of its Italian subsidiary, this move will result in an extraordinary value adjustment of EUR 51.7 million on the 2001 balance sheet.
With this closure, comdirect bank AG continues the announced measures to restructure the group, which are aimed at achieving substantial cost reductions.
comdirect bank AG