Commerzbank Runs SAP® Bank Analyzer for Financial Reporting

WALLDORF, Germany, July 14, 2011 /PRNewswire/ -- SAP AG (NYSE: SAP) today announced that Commerzbank, Germany's second largest bank, has implemented the SAP® Bank Analyzer set of applications. With lean processes and high security standards, the software helps customers meet the current International Financial Reporting Standards (IFRS) and German accounting standards.

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Germany's major banks are accustomed to reporting their results for more than one accounting standard. In recent years they have had to submit annual financial statements and consolidated financial statements under both IFRS and German accounting standards. At the same time, they have been required to disclose increasingly detailed information about their assets, finances and earnings. This trend is set to continue as the latest standard, IFRS 9, which changes how financial instruments are measured, comes into force soon.

SAP Bank Analyzer calculates the detailed values required by different accounting standards in parallel by using mostly automated processes, a separate subledger and a standard set of data. This enables banks to produce the various financial statements in a timely manner and provide them to the different lines of business, thus helping ensure that the figures are as accurate and consistent as possible and speeding up the process as a whole.

Commerzbank will use SAP Bank Analyzer for its financial reporting. It will lead the implementation project and work closely with the SAP Consulting organization and other partners. The set of applications will be implemented in several stages, the first of which focuses on Germany.

"Wherever it makes sense to do so, we use standard software to manage our bank," said Frank Annuscheit, chief operating officer, Commerzbank. "In SAP, we have a partner for this project whose software gives us the functions and flexibility we need."

"With SAP Bank Analyzer, all the data needed for the entire financial reporting process is available at anytime in one system, in the right quality, and at the right speed," said Jim Hagemann Snabe, co-CEO, SAP AG. "This is vital in the highly regulated banking sector."

In addition to the enterprise resource planning (ERP) application SAP® ERP, Commerzbank has been using the SAP® for Banking solution portfolio since 2007.

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About Commerzbank

Commerzbank is a leading bank for private and corporate customers in Germany. With the segments Private Customers, Mittelstandsbank, Corporates & Markets, Central & Eastern Europe as well as Asset Based Finance, the Bank offers its customers an attractive product portfolio, and is a strong partner for the export-oriented SME sector in Germany and worldwide. With a future total of some 1,200 branches, Commerzbank has one of the densest networks of branches among German private banks. It has above 60 sites in 50 countries and serves more than 14 million private customers as well as one million business and corporate customers worldwide. In 2010 it posted gross revenues of EUR 12.7 billion with some 59,100 employees.

About SAP

As market leader in enterprise application software, SAP (NYSE: SAP) helps companies of all sizes and industries run better. From back office to boardroom, warehouse to storefront, desktop to mobile device – SAP empowers people and organizations to work together more efficiently and use business insight more effectively to stay ahead of the competition. SAP applications and services enable more than 170,000 customers (includes customers from the acquisition of Sybase) to operate profitably, adapt continuously, and grow sustainably. For more information, visit www.sap.com.

Any statements contained in this document that are not historical facts are forward-looking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995. Words such as "anticipate," "believe," "estimate," "expect," "forecast," "intend," "may," "plan," "project," "predict," "should" and "will" and similar expressions as they relate to SAP are intended to identify such forward-looking statements. SAP undertakes no obligation to publicly update or revise any forward-looking statements. All forward-looking statements are subject to various risks and uncertainties that could cause actual results to differ materially from expectations. The factors that could affect SAP's future financial results are discussed more fully in SAP's filings with the U.S. Securities and Exchange Commission ("SEC"), including SAP's most recent Annual Report on Form 20-F filed with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates.

Copyright © 2011 SAP AG. All rights reserved.

SAP, R/3, mySAP, mySAP.com, xApps, xApp, SAP NetWeaver and other SAP products and services mentioned herein as well as their respective logos are trademarks or registered trademarks of SAP AG in Germany and in several other countries all over the world. All other product and service names mentioned are the trademarks of their respective companies. Data contained in this document serve informational purposes only. National product specifications may vary.

Follow SAP on Twitter at @sapnews.

For customers interested in learning more about SAP products:
Global Customer Center: +49 180 534-34-24
United States Only: 1 (800) 872-1SAP (1-800-872-1727)

For more information, press only:
SAP Press Office, +49 (6227) 7-46315, CET; +1 (610) 661-3200, EDT; [email protected]
Christoph Weissthaner, Burson-Marsteller, +49 (0) 030 40 81 94 554, [email protected], CET
Simone Fuchs, Commerzbank AG, +49 (0) 69 136-44910, [email protected], CET

SOURCE SAP AG

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