Comdirect Bank
{{Short description|German direct bank}}
{{Use mdy dates|date=May 2018}}
{{Infobox company
| name = Comdirect Bank Aktiengesellschaft
| logo = Comdirect Logo 10.2019.svg
| logo_size =
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| logo_caption =
| image = Comdirect_Bank_Quickborn_2017.jpg
| image_size =
| image_alt =
| image_caption = Headquarters of the Comdirect Bank
| trading_name =
| native_name =
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| romanized_name =
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| type = Public
| traded_as = {{FWB|COM}}
| ISIN = DE0005428007
| industry = Financial services
| genre =
| fate =
| predecessor =
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| founded = {{start date and age|df=y|1994}}
| founder = Commerzbank
| defunct = {{End date|2020|11|01}}
| hq_location =
| hq_location_city = Quickborn
| hq_location_country = Germany
| num_locations =
| num_locations_year =
| area_served = Germany
| key_people = {{ublist|Frauke Hegemann (CEO)|Jochen Sutor (chairman of the Supervisory Board)}}
| products = Retail banking, Savings, Securities, Asset management
| brands =
| production =
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| services =
| revenue =
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| operating_income = {{decrease}} €70.723 million
| income_year = 2018
| net_income = {{decrease}} €50.369 million
| net_income_year = 2018
| aum =
| assets =
| assets_year =
| equity = {{decrease}} €634 million
| equity_year = 2018
| owner =
| members =
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| num_employees = 1,534
| num_employees_year = 2018
| parent = Commerzbank (82%){{cite web|url=http://www.equitystory.com/download/Companies/comdirect/factsheet_121_english.pdf|title=Factsheet|accessdate=August 9, 2018}}
| divisions =
| subsid = {{ublist|Onvista}}
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| website = [https://www.comdirect.de/ comdirect.de]
| footnotes =
}}
Comdirect Bank Aktiengesellschaft was the third-largest German direct bank and was based in Quickborn, Schleswig-Holstein.{{Cite web|url=https://portal.mvp.bafin.de/database/InstInfo/institutDetails.do?cmd=loadInstitutAction&institutId=108549&locale=en_US|title=comdirect bank Aktiengesellschaft|publisher=Federal Financial Supervisory Authority|language=en|access-date=April 1, 2018}}{{Cite web|url=https://de.statista.com/statistik/daten/studie/471283/umfrage/groesste-direktbanken-in-deutschland-nach-kundenzahl/|title=Größte Direktbanken in Deutschland im Jahr 2016 nach Kundenzahl (in 1.000)|publisher=Statista|language=de|access-date=April 1, 2018}} Founded by the Commerzbank in 1994,{{Cite news|title=Commerzbank mit Direktbank|date=February 24, 1995|work=Horizont|page=4|language=de}} the company went public in 2000.{{Cite news|title=Geglückter Einstand von Comdirect|last=Schnell|first=Christian|date=June 6, 2000|work=Handelsblatt|page=31}} The Commerzbank integrated the company on November 1, 2020.
History
= Foundation =
In 1994, the Commerzbank desired to expand its business and customer base and therefore decided to establish a direct bank.{{Cite news|title=Das Standing der Commerzbank|last=Hartwig|first=Dierk|date=February 17, 1995|work=Börsen-Zeitung|page=1|language=de}} Commerzbank founded Comdirect, which was registered in December 1994 as a private limited company (GmbH - Gesellschaft mit beschränkter Haftung).{{Cite web|url=https://www.unternehmensregister.de/|title=Company Register|publisher=Bundesanzeiger Verlag|language=en|access-date=April 1, 2018}} It began operations with 50 employees and 50 million Deutsche Mark on equity in January 1995.{{Cite news|title=Neue Direktbank der Commerzbank|date=February 23, 1995|work=Börsen-Zeitung|page=4|language=de}} The company positioned itself not as a traditional direct bank like seen before, but instead as a universal bank for private customers with a wide range of specialized products.{{Cite news|title=Commerzbank schickt Direkttochter ins Rennen|date=February 23, 1995|work=Frankfurter Rundschau|page=14|language=de}} One of the first products of the Comdirect Bank was a money market account. Also, securities trading became one of the top priorities.{{Cite news|title=Comdirect ist nicht nur Discount Broker|date=February 23, 1995|work=Handelsblatt|page=40|language=de}}
= Public offering =
Within the first few months, the Comdirect Bank gained tens of thousands of customers.{{Cite news|title=Commerzbank verdoppelt Ergebnis|date=July 29, 1995|work=Der Tagesspiegel|language=de}} In the late 1990s, the Comdirect Bank expanded to other European countries.{{Cite news|title=Comdirect strebt ins Ausland|date=April 22, 1999|work=Frankfurter Rundschau|page=14|language=de}} The Commerzbank and Deutsche Telekom agreed on the cooperation of their subsidiaries, the Comdirect Bank and T-Online International.{{Cite news|title=Neue Allianz im Internet-Banking|date=February 18, 2000|work=Die Welt|page=1|language=de}} Comdirect Bank became a public company (Aktiengesellschaft) in November 1999 and went public in June 2000. Commerzbank sold a minority stake in the company.{{Cite news|title=Comdirect startet mit Kurssprung am Neuen Markt|last=Zimmermann|first=Ralf|date=June 6, 2000|work=Financial Times Deutschland|page=1|language=de}} The stock was oversubscribed several times and later became part of the Nemax 50 index and the Prime Standard of Frankfurt Stock Exchange.{{Cite news|title=Comdirect Bank im Nemax 50|date=July 14, 2000|work=Hamburger Abendblatt|page=20|language=de}}{{Cite web|url=http://en.boerse-frankfurt.de/stock/comdirect-share|title=comdirect bank Aktiengesellschaft|publisher=Frankfurt Stock Exchange|language=en|access-date=April 1, 2018}} The proceeds of the initial public offering were used to build the investment banking of the Comdirect Bank, for example.{{Cite news|title=Comdirect baut auch Investmentbanking auf|date=November 28, 2000|work=Financial Times Deutschland|page=23|language=de}} The company doubled its workforce to cope with the growing number of customers.{{Cite news|title=Comdirect verdoppelt Belegschaft|date=August 12, 2000|work=Berliner Zeitung|page=34|language=de}}
= Consolidation =
In 2000, the burst of the dot-com bubble hit the financial industry. The Comdirect Bank was also affected and as a result, growth slowed.{{Cite news|title=Comdirect fallen auf neues Allzeittief|date=November 16, 2000|work=Handelsblatt|page=30|language=de}}{{Cite news|url=https://www.faz.net/aktuell/finanzen/aktien/online-broker-comdirect-enttaeuscht-mit-eckdaten-114007.html|title=Comdirect enttäuscht mit Eckdaten|date=January 16, 2001|website=Frankfurter Allgemeine Zeitung|language=de|access-date=April 1, 2018}} After several successful years, the bank announced losses in 2001.{{Cite news|title=Comdirect kündigt Verluste an|date=March 16, 2001|work=Handelsblatt|page=47|language=de}} As the Comdirect Bank slipped into financial difficulties, the board launched a savings program.{{Cite news|title=Comdirect: Sparprogramm angekündigt|date=September 6, 2001|work=Hamburger Abendblatt|language=de|page=25}} At the end of 2001, the Comdirect Bank announced to focus on Germany and the United Kingdom. The company places its loss-making branches at disposal; the subsidiaries in France and Italy were sold and closed.{{Cite news|url=https://www.heise.de/newsticker/meldung/Comdirect-verkauft-franzoesische-Tochter-63896.html|title=Comdirect verkauft französische Tochter|last=Löding|first=Torge|date=March 22, 2002|website=Heise Online|language=de|access-date=April 1, 2018}}{{Cite news|title=Comdirect schließt italienische Tochter|date=February 26, 2002|work=Börsen-Zeitung|page=16|language=de}} Finally, in 2004, the Comdirect Bank sold its British subsidiary, too.{{Cite news|title=Comdirect verkauft britische Tochter|date=June 17, 2004|work=Handelsblatt|page=22|language=de}}
From then on, the Comdirect Bank exclusively focused on its home market in Germany.{{Cite news|title=Comdirect: Letzte Auslandstochter verkauft|date=June 17, 2004|work=Die Welt|page=13|language=de}} The company accelerated the expansion of its product range and, in particular, cared more about customer advisory services.{{Cite news|url=http://www.wiwo.de/unternehmen/comdirect-will-kunden-besser-beraten/4832616.html|title=Comdirect will Kunden besser beraten|date=April 22, 2004|website=WirtschaftsWoche|language=de|access-date=April 1, 2018}} The new strategy stabilized the business.{{Cite news|title=Bei Comdirect zahlt sich der Sparkurs aus|date=March 14, 2003|work=Handelsblatt|page=21|language=de}} The first dividend was distributed in 2004 and in 2005,{{Cite news|title=Comdirect: Online-Broker schüttet erstmals Dividende aus|last=Seibel|first=Karsten|date=February 13, 2004|work=Die Welt|page=14|language=de}} the German retail banking of American Express was acquired, which helped to grow the customer base significantly.{{Cite news|title=Comdirect kauft American Express 45.000 Privatkunden ab|last=Lebert|first=Rolf|date=October 21, 2005|work=Financial Times Deutschland|page=18|language=de}}
To profit more from the performance of the Comdirect Bank, the Commerzbank increased its investment to almost 80% in June 2005.{{Cite news|url=https://www.handelsblatt.com/finanzen/banken-versicherungen/uebernahme-des-t-online-anteils-commerzbank-stockt-comdirect-anteil-auf/2531108.html|title=Commerzbank stockt Comdirect-Anteil auf|date=July 26, 2005|website=Handelsblatt|access-date=April 1, 2018}} The group purchased the remaining share from T-Online International.{{Cite news|title=T-Online stößt Anteil an Comdirect Bank ab|date=July 27, 2005|work=Börsen-Zeitung|page=4|language=de}}
= Acquisitions =
Even during the 2008 financial crisis, the business remained stable; the Comdirect Bank profited from the increase in transactions in securities trading.{{Cite news|title=Comdirect profitiert von Börsen-Turbulenzen|date=August 8, 2008|work=Handelsblatt|page=30|language=de}}
In 2009, the Comdirect Bank acquired the European Bank for Financial Services (ebase) from the Commerzbank,{{Cite news|url=https://www.handelsblatt.com/finanzen/banken-versicherungen/direktbank-comdirect-uebernimmt-ebase/3152272.html|title=Comdirect übernimmt Ebase|date=April 8, 2009|website=Handelsblatt|language=de|access-date=April 1, 2018}} doubling the number of managed securities accounts.{{Cite news|title=Comdirect kauft Ebase|date=April 9, 2009|work=Börsen-Zeitung|page=5|language=de}} At the same time, the bank extended its position in financial services and asset management. During the following years, the Comdirect Bank repositioned the European Bank for Financial Services as a business-to-business bank.{{Cite web|url=https://www.ebase.com/ueber-uns/unternehmen/|title=Unternehmensprofil|publisher=European Bank for Financial Services|language=de|access-date=April 1, 2018}} In July 2018, comdirect agreed to sell ebase to London-based financial technology provider FNZ Group to focus more on the core business and completed the sale in July 2019.{{Cite web|url=https://www.finextra.com/pressarticle/74662/comdirect-offloads-ebase-to-fnz-for-eur151-million|title=Comdirect offloads ebase to FNZ for EUR151 million|last=Finextra|website=www.finextra.com}}{{Cite web|url=https://www.finextra.com/pressarticle/79222/fnz-completes-ebase-acquisition-from-comdirect|title=FNZ completes ebase acquisition from Comdirect|date=17 July 2019|website=Finextra.com|access-date=30 August 2019}}
In 2016, the Comdirect Bank announced the acquisition of the Onvista Group.{{Cite news|url=https://www.handelsblatt.com/finanzen/banken-versicherungen/commerzbank-tochter-expandiert-comdirect-schluckt-onlinebroker-onvista/14957850.html|title=Comdirect schluckt Onlinebroker Onvista|last=Brächer|first=Michael|date=December 9, 2016|website=Handelsblatt|language=de|access-date=April 1, 2018}} Both the Onvista Bank and Onvista Media, operator of a high-reach financial portal, became part of the Comdirect Bank.{{Cite news|title=Comdirect verleibt sich Onvista ein|date=December 10, 2016|work=Börsen-Zeitung|page=1|language=de}} With this investment, the Comdirect Bank strengthened securities trading and financial information business at the same time.{{Cite news|title=Die Zukunft der Geldanlage ist digital|last=Baumgartner|first=Thomas|date=March 14, 2017|work=Frankfurter Neue Presse|page=5|language=de}} While the Onvista Bank merged with the Comdirect Bank, Onvista Media continued operations as a subsidiary.{{Cite news|url=https://www.handelsblatt.com/my/unternehmen/banken-versicherungen/comdirect-chef-walter-zur-onvista-uebernahme-perspektivisch-brauchen-wir-nur-eine-banklizenz/14959532.html|title=Perspektivisch brauchen wir nur eine Banklizenz|last=Brächer|first=Michael|date=September 12, 2016|website=Handelsblatt|language=de|access-date=April 1, 2018}}
= Digitalization =
In recent years, the Comdirect Bank invested heavily in digital technologies. For example, the company published the first online banking app with support for accounts from other institutions.{{Cite news|url=http://www.appgefahren.de/comdirect-banking-app-erlaubt-fremde-konten-8718.html|title=Comdirect Banking App erlaubt fremde Konten|date=September 16, 2010|website=Appgefahren|language=de|access-date=April 1, 2018}} It launched the "startup garage" for financial technology startups.{{Cite news|url=http://www.wiwo.de/unternehmen/banken/comdirect-wir-bieten-know-how-fuer-start-ups/12352186.html|title=Wir bieten Know-how für Start-ups|last=Fehr|first=Mark|date=September 23, 2015|website=WirtschaftsWoche|language=de|access-date=April 1, 2018}}{{Cite news|url=https://www.it-finanzmagazin.de/cfo-holger-hohrein-kein-inkubator-comdirect-bringt-eine-start-up-garage-fuer-fintechs-20034/|title=Comdirect startet Accelerator für FinTechs|date=September 29, 2015|website=IT-Finanzmagazin|language=de|access-date=April 1, 2018}} The company was the first bank in Germany to publish an Amazon Alexa skill, for example, and later added support for Google Home.{{Cite news|url=https://www.faz.net/aktuell/finanzen/finanzmarkt/comdirect-setzt-auf-alexa-und-google-home-15236937.html|title=Comdirect setzt auf Alexa und Google Home|last=Mussler|first=Hanno|date=October 8, 2018|website=Frankfurter Allgemeine Zeitung|language=de|access-date=May 22, 2018}} The Comdirect Bank also launched a robo-advisor named Cominvest.{{Cite news|url=https://www.handelsblatt.com/finanzen/anlagestrategie/trends/robo-advisor-comdirect-startet-digitalen-anlage-service/19819904.html|title=Robo-Advisor: Comdirect startet digitalen Anlage-Service|last=Schneider|first=Katharina|date=May 18, 2017|work=Handelsblatt|access-date=August 25, 2017|language=de}}
In late 2019, Commerzbank entered into talks with Petrus Advisers to buy its 7.5% stake in Comdirect and take over the entire online bank.Tom Sims and Hans Seidenstuecker (December 30, 2019), [https://www.reuters.com/article/us-comdirect-m-a-commerzbank/commerzbank-in-talks-to-buy-petrus-advisers-stake-in-comdirect-source-idUSKBN1YY13V Commerzbank in talks to buy Petrus Advisers stake in Comdirect: source] Reuters.
Structure
Products
comdirect bank offers current accounts, online brokerage and several types of credits and loans.{{Cite news|title=Comdirect hält an kostenlosem Girokonto fest|date=April 28, 2016|work=Börsen-Zeitung|page=4|language=de}}{{Cite news|url=https://www.handelsblatt.com/finanzen/anlagestrategie/trends/online-broker-die-besten-banken-fuer-geldanleger/10809860.html|title=Die besten Banken für Geldanleger|last=Hagen|first=Jens|date=October 9, 2014|website=Handelsblatt|language=de|access-date=April 1, 2018}}{{Cite news|url=https://www.handelsblatt.com/finanzen/anlagestrategie/trends/handelsblatt-testet-wo-das-depot-besonders-guenstig-ist/14748070.html|title=Wo das Depot besonders günstig ist|last=Groth|first=Julia|date=October 31, 2016|website=Handelsblatt|language=de|access-date=April 1, 2018}}{{Cite news|title=Bankchef wettert gegen hohe Dispozinsen|last=Seibel|first=Karsten|date=April 28, 2016|work=Die Welt|page=13|language=de}}
Responsibility
In 2009, the Comdirect Bank and the Stuttgart Stock Exchange founded the Stiftung Rechnen, a non-profit foundation with a registered office in Hamburg and headquarters in Quickborn.{{Cite news|title=Stiftung Rechnen gegründet|date=October 28, 2009|work=Hamburger Abendblatt|page=17|language=de}} Its primary goal is to support knowledge of mathematics with a focus on young peogle to encourage a joy of numbers and calculation.{{Cite news|title=Stiftung Rechnen gegründet, Unterstützer gesucht|date=October 28, 2009|work=Coburger Tageblatt|page=16|language=de}} Johanna Wanka, former Federal Minister of Education and Research, is the patron of the Stiftung Rechnen;{{Cite news|title=Mathematik soll verbindend wirken|date=September 16, 2016|work=Allgemeine Zeitung|page=14|language=de}} Christian Rach, a star-rated chef and author, is one of its prominent ambassadors.{{Cite news|title=Kopf des Tages: Mathe-Botschafter|date=October 28, 2010|work=Rheinische Post|language=de}}
Controversies
The Comdirect Bank accidentally reported 200 million euros to an account of a customer in 2012.{{Cite news|title=Millionär durch ein Versehen|date=May 4, 2012|work=Nürnberger Nachrichten|page=21|language=de}} The bank justified the error with a technical problem on the sale of funds, which could not be seen before.{{Cite news|url=https://www.handelsblatt.com/finanzen/steuern-recht/recht/ueberweisungsfehler-wie-ein-comdirect-kunde-ueber-nacht-zum-millionaer-wurde/6585240.html|title=Wie ein Comdirect-Kunde über Nacht zum Millionär wurde|last=Hagen|first=Jens|date=May 3, 2012|website=Handelsblatt|language=de|access-date=April 1, 2018}} After the reversal, there was a negative balance, which caused lending rates that the Comdirect Bank had to reimburse.{{Cite news|title=Comdirect muss Zinsen erstatten|date=May 4, 2012|work=Börsen-Zeitung|page=3|language=de}}
In 2016, a breakdown occurred after a software update:{{Cite news|url=http://www.dw.com/de/schwere-panne-datenleck-bei-comdirect/a-19408745|title=Schwere Panne: Datenleck bei Comdirect|date=July 18, 2016|website=Deutsche Welle|language=de|access-date=April 1, 2018}} A small number of customers of the Comdirect Bank were able to view account balances of other customers for a very short time.{{Cite news|url=https://www.handelsblatt.com/finanzen/banken-versicherungen/heftige-panne-fremde-kontostaende-bei-comdirect-einsehbar/13889824.html|title=Heftige Panne: Fremde Kontostände bei Comdirect einsehbar|last=Röder|first=Jürgen|last2=Dowideit|first2=Martin|date=July 18, 2016|website=Handelsblatt|language=de|access-date=April 1, 2018}} However, third parties were not able to do wire transfers.{{Cite news|url=http://www.wiwo.de/unternehmen/banken/comdirect-was-sie-ueber-die-datenpanne-wissen-muessen/13892802.html|title=Comdirect: Was Sie über die Datenpanne wissen müssen|date=July 18, 2016|website=WirtschaftsWoche|language=de|access-date=April 1, 2018}} Though there was no financial or material damage, the company regretted the mistake, apologized to all affected customers and informed them about the extent of third-party access.{{Cite news|title=Comdirect leistet Abbitte|last=Brächer|first=Michael|date=July 20, 2016|work=Handelsblatt|last2=Dowideit|first2=Martin|page=33|language=de}}{{Cite news|title=Comdirect will Vertrauen zurückgewinnen|last=Nebel|first=Erik|date=July 27, 2016|work=Hannoversche Allgemeine Zeitung|page=9|language=de}}
Since 2017, the bank is being targeted by activist investor Petrus Advisers. The investor is questioning the cost structure (cost-income-ratio is over 70%), the governance and incentive structure, and the management quality among others.{{Cite web|url=https://global.handelsblatt.com/finance/london-investor-blitzes-commerzbank-825639|title=London Investor Blitzes Commerzbank|last=Handelsblatt|website=www.handelsblatt.com}}{{Cite web|url=https://www.reuters.com/article/brief-petrus-advisers-to-hike-comdirect/brief-petrus-advisers-to-hike-comdirect-stake-to-over-5-pct-wirtschaftswoche-idUSFWN1M206V|title=Petrus Advisers to hike Comdirect stake to over 5 pct|website=www.reuters.com}}
References
{{Reflist}}
External links
{{Commons category|Comdirect}}
{{Portal|Banks}}
- {{Official website|https://www.comdirect.de/}}
- {{Finance links|name=Comdirect Bank|symbol=CDBG.DE|yahoo=COM.DE|bloomberg=COM:GR}}
{{Authority control}}
Category:Banks established in 1994
Category:Companies based in Schleswig-Holstein
Category:Companies formerly listed on the Frankfurt Stock Exchange