Announcement of the supervisory board

Oliver Gatzke resigns from the Management Board of Hamburg Commercial Bank, effective as of 31 August 2020

Hamburg, August 27, 2020 - At a meeting on 26 August 2020, the Supervisory Board at Hamburg Commercial AG agreed to grant the request made by Management Board Member Oliver Gatzke (CFO and CTO) to leave his post, effective as of 31 August 2020. Mr Gatzke leaves the Board on the best of terms.

“Initially in his role as divisional head, and then as CFO from July 2016 onwards, Mr Gatzke successfully set the bank on the path to privatisation and had a leading role in its financial restructuring. He has also served as Chief Technology Officer (CTO) since June 2019, overseeing the bank’s large-scale business and IT transformation, including its key strategic digitisation projects. My sincere thanks to Mr. Gatzke for the excellent results he achieved and for the very good and trustful collaboration. It was a pleasure to work with him,” said Juan Rodríguez Inciarte, Chairperson of the Supervisory Board.

Mr Gatzke will continue to support the bank’s Supervisory Board in an advisory capacity until the end of 2020.

“After more or less eight years working for the bank, it is now time for me to move on to other things. As the most recent half-yearly figures demonstrate, I leave behind me a bank that is in a very strong financial position. With a strong capital base and with improved earnings and cost structures, the bank is well equipped for the future. I have every confidence that we will see the very first privatisation of a state-owned Landesbank being successfully completed by the end of 2021, with the bank’s transition to the Bundesverband deutscher Banken (Federal Association of German Banks). By stepping away from the bank, I am making my own contribution to enabling new governance structures to be put in place already at this early stage, in line with the bank’s new format. I would like to thank the shareholders, the Supervisory Board, my colleagues on the Management Board, the bank’s business partners, and last but not least all members of staff. They have all given me exceptional support throughout my time with the bank,” said Oliver Gatzke.

The information contained in this press release does not constitute an offer for the sale of any type of Hamburg Commercial Bank AG securities. Securities of Hamburg Commercial Bank AG may not be sold in the United States without registration pursuant to US securities legislation, unless such a sale takes place on the basis of relevant exceptional provisions.

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