Management change: Thorsten Reitmeyer is the new CEO - CEO Michael Mandel becomes member of the Divisional Board of Commerzbank - Martin Zielke takes over as Supervisory Board Chairman

Quickborn, 19.11.2010

Quickborn / Frankfurt/Main. Thorsten Reitmeyer will be the new CEO of comdirect bank with effect from 1 December 2010. He succeeds Michael Mandel, who will head up a business segment at Commerzbank. Martin Zielke, who is responsible for the business segment Private Customers at Commerzbank, becomes Chairman of the Supervisory Board with immediate effect.

Michael Mandel, CEO of comdirect bank to date, has been appointed member of the Divisional Board of Commerzbank. He will be responsible for the Group segments Private and Business Customers as well as Wealth Management. "With Michael Mandel at the helm, comdirect bank has grown substantially in recent years while being highly profitable. The bank achieved this in a challenging market environment and I would like to express my sincere thanks to him," says Martin Zielke, the new Chairman of the Supervisory Board of comdirect bank, who is member of the Board of Managing Directors and responsible for the business segment Private Customers at Commerzbank. "I am delighted that Michael Mandel is joining Private Customer Business and Wealth Management. He has many years of experience, gained during the time he spent at Dresdner Bank and at Commerzbank," says Zielke.

New comdirect bank CEO Thorsten Reitmeyer expanded Wealth Management at Commerzbank into a profitable Group segment in the past four years, during which he was member of the Divisional Board of Commerzbank. The trained banker previously worked at management consulting firm McKinsey and Sal. Oppenheim jr. & Cie. Bank as director in Investment and Private Banking. Zielke comments: "Thorsten Reitmeyer has many years of experience in private customer business and developed Commerzbank's Wealth Management to achieve market leadership. I am confident that he will continue to significantly expand comdirect bank's position as market leader."

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