Comdirect Bank

from Wikipedia, the free encyclopedia
  Comdirect Bank Aktiengesellschaft
logo
Country GermanyGermany Germany
Seat Quickborn
legal form Corporation
ISIN DE0005428007
Bank code 200 411 11
BIC COBA DEHD XXX
founding 1994
Website www.comdirect.de
Business data 2018
Total assets 26.9 billion euros
insoles 25.9 billion euros
Customer credit 609 million euros
Employee 1,250
management
Board Frauke Hegemann (Chair)
Supervisory board Jochen Sutor (Chair)

The Comdirect Bank Aktiengesellschaft (proper spelling comdirect bank ) is a German bank based in Quickborn . With 2.75 million private customers in the 2020 financial year, it is one of the largest direct banks in Germany. Over the years, the institute developed more and more into a universal bank . The products include, for example, a free current account and a securities account with a variety of digital services such as Google Pay and Apple Pay as well as Cominvest . The Comdirect Bank was founded in 1994 as a subsidiary of Commerzbank . Since the IPO in June 2000, there has been a minority stake in the free float , which Commerzbank has been aiming to acquire since 2019.

history

Headquarters of the Comdirect at the Pascalkehre in Quickborn (2017)

Foundation of the direct bank

former logo of the bank

In 1994 Commerzbank decided to found a direct bank which today offers standardized products for payment transactions , deposits , securities and credit . The offers could initially be used by phone, fax or letter. With this step, Commerzbank wanted to broaden its business and customer base. The bank was entered in the commercial register on December 5, 1994 as a limited liability company . In January 1995 the Comdirect Bank started its business operations with 50 employees and 50 million Deutsche Mark equity . Their first product was the so-called "Wahnzins-Account", a call money account for short-term investments and for processing securities transactions. In the course of 1995 the Comdirect Bank expanded its range, for example to include fixed deposit accounts. The credit institute did not position itself as a classic direct bank, but as a universal bank for private customers with a wide range of specialized products.

Development into a universal bank

In the first few months of business activity, the Comdirect Bank won tens of thousands of customers. At the beginning of 1996, the bank administered its customers' deposits totaling more than one billion marks for the first time . In September 1996, the company started an interest-bearing checking account, the fees of which were reimbursed if customers carried out their banking transactions independently using home banking software . In 1997 the Comdirect Bank introduced a new price model for securities accounts: For the first time, the deposit volume was used to calculate the commission of the credit institution. In order to further expand its market position, the Comdirect Bank made securities trading a focus of its communication. The bank has been supporting trading via Xetra since mid-1998 . In addition, the forwarding of stock exchange prices in real time was pushed . In cooperation with T-Online , a depot was marketed on a large scale for which there were no basic fees for six months.

IPO in the Neuer Markt

After start-up losses in the early years Comdirect Bank reached more quickly than expected, the break-even point . In 1999 the website of the bank was one of the most popular offers on the German-speaking World Wide Web . Due to its economic success, the Comdirect Bank expanded into other European countries. The headquarters in Quickborn was massively expanded. In order to finance further growth, Commerzbank announced that it would put a minority stake in its subsidiary on the stock exchange. In preparation for this step, the Comdirect Bank was initially converted into a stock corporation in November 1999 . In 2000, Commerzbank and Deutsche Telekom agreed a comprehensive cooperation between their two subsidiaries, Comdirect Bank and T-Online International . In the course of a share swap , T-Online acquired 25 percent of the Comdirect Bank. In addition, both companies coordinated their international strategy. In March 1999, the Comdirect Bank announced the takeover of the French online broker Paresco Bourse. In addition, the bank presented a significant increase in its number of customers and earnings.

Analysts predicted great interest in the Comdirect Bank's IPO, which is why they wanted to give preference to customers of their own company and Commerzbank when allocating shares. In this, for example, the small shareholders' association recognized an unreasonable disadvantage for other shareholders. Representatives of the company protested against this accusation, and the procedure was also generally recognized in the business press. The Comdirect Bank went public on June 5, 2000 in the Neuer Markt of the German stock exchange. The share was oversubscribed several times and started with a price jump of 22.6%. It later even moved up to the Nemax 50 index . In the media there was talk of a "successful stock market debut" against the market trend. There were also critical voices who viewed the placement environment as unfavorable. Nevertheless, the Comdirect Bank benefited from the IPO. It doubled its workforce in order to cope with the increasing number of customers.

The issue price of € 31 brought Commerzbank € 790 million into the till. After the initial listing of around € 38, however, the paper fell again.

Expansion and consolidation

In August 2000, the Comdirect Bank temporarily started selling insurance via the Internet. Furthermore, the credit institute set up its own investment banking and began to broker mortgage lending online. In addition, the Comdirect Bank continued its international expansion: after France and Great Britain, they wanted to open up Italy and Spain. The takeover of other direct banks was also under discussion. The Comdirect Bank became more and more independent from the parent company, which, however, expressly supported the course of its subsidiary. Over-the-counter trading was promoted and a broad public was reached in the German market through promotional campaigns such as the cooperation with Web.de that began in 2001 .

In the course of 2000, the Comdirect Bank felt the bursting of the dot-com bubble : In November 2000, the share price lost more than 10% on one day, and in the middle of the month it fell to a record low. The company's growth slowed. After several successful years, the Comdirect Bank announced losses again in 2001. Foreign business was primarily responsible for this. The cooperation with T-Online turned out to be not as effective as expected. After the Comdirect Bank slipped deeper and deeper into the red in the course of 2001, the board of directors launched a savings program, in particular to reduce administrative expenses. Job cuts were also planned. At the beginning of October 2001, the bank had to register short-time work for some of its employees .

Sale of foreign subsidiaries

In November 2001 the Comdirect Bank announced that it would concentrate on Germany and the UK. The loss-making businesses in France and Italy were put up for sale because they did not meet expectations and a trend reversal was not in sight. In 2002 the French subsidiary was sold and the Italian branch closed. The latter had only received a banking license in January 2001, but could not find a buyer. In Germany, the Comdirect Bank saved additional costs by bundling its activities in Quickborn, which led to the closure of the Kiel location. After the end of short-time work, the Comdirect Bank stabilized until the end of 2002. Speculations about a merger with a competing direct bank and full integration into Commerzbank were rejected. The Comdirect Bank intended, however, to work more closely with the parent company in individual areas if this made sense for both banks.

Unlike in France and Italy, the Comdirect Bank initially stuck to its subsidiary in Great Britain. She agreed a cooperation with the financial group Lloyds TSB and from then on provided brokerage services for wealthy British private customers. This included, for example, accepting and processing orders for securities trading via the Internet or call centers . In 2004 Comdirect Bank sold its UK business to Execution Services Group, which in turn belongs to Lloyds TSB. The company parted with its last foreign subsidiary. Since the British subsidiary was a pure online broker, the company no longer suited the strategy of the German parent company.

Concentration on Germany

After the collapse of the Neuer Markt, the Comdirect Bank was included in the MDAX, but later dropped out again due to insufficient free float. The credit institute accelerated the expansion of its product range and placed increasing importance on advising customers. One example of this is the establishment of a specialized subsidiary for provision and asset accumulation under the name Comdirect Private Finance. At the same time, the austerity program paid off. The course of business exceeded analysts' expectations. In 2004, the Comdirect Bank paid a dividend for the first time since it was founded . In the further course, customers opened fewer securities accounts, but more current accounts. In 2005, the Comdirect Bank began to issue American Express credit cards . Comdirect later took over 45,000 private customers from American Express, which was an important step for growth in Germany.

In order to participate more in the positive development of the credit institution, Commerzbank increased its stake in Comdirect Bank to almost 80% in June 2005. In addition, the group acquired the remaining shares of T-Online, which the Internet company had held since 2000. In 2005 and 2006, the Comdirect Bank generated stable earnings and then increased its investments. The business with current accounts and call money accounts was accelerated. The bank received greater attention when it introduced a savings plan for index funds traded on the stock exchange in 2007. To support sales, it worked with the trading company Tchibo . In this way the Comdirect Bank henceforth has a nationwide network of branches and wide-reaching e-commerce - sites to sell their products.

Developments after the financial crisis

Even during the global financial crisis from 2007 onwards , business remained stable, and the Comdirect Bank even benefited from the increase in transactions in securities trading. Significant profits were also made in the business with deposits in overnight and fixed-term accounts. In 2008 the Comdirect Bank had one million customers for the first time. In 2009 the Comdirect Bank closed some smaller branches that it had set up in the meantime in metropolitan areas. Around 100 freelance consultants worked there. With this, the credit institution returned to its roots as a direct bank. A new current account was introduced, for which there is no basic fee regardless of receipt of money.

The takeover of the European Bank for Financial Services (Ebase for short) based in Aschheim from the parent company Commerzbank also proved to be important for the company's further growth . As a result, the Comdirect Bank doubled the number of its securities accounts. The acquisition enabled the expansion of business with financial service providers and asset managers: These use the Ebase fund platform, for example, for their offers in the Riester pension insurance sector . In the years that followed, Ebase transformed into a pure business-to-business service company.

Advances in digitization

The Comdirect Bank expanded its marketing in order to win more customers for the bank. In addition, it invested in digital offers: In 2010, for example, the Comdirect Bank presented its first mobile app , which also supports the access to accounts of other credit institutions. A function was later added, with which users could photograph transfer slips in paper form and approve them in the app. In 2015, the bank launched an ideas competition for founders from the financial sector . In this way, the Comdirect Bank wanted to discover and promote new business models at an early stage. This later developed into a platform to support start-up companies, which the Comdirect Bank supports with know-how , especially in the start-up and development phase . Since 2011, the Comdirect Bank has awarded the “finanzblog award” to bloggers who provide independent, competent and understandable information on financial topics. In addition to its own business, the Comdirect Bank is involved in the digital transformation of the parent company. Examples of this are the digitization of securities trading and web-based account opening.

Onvista purchase and Cominvest start

In 2016, the Comdirect Bank announced the takeover of Onvista . In addition to Onvista Bank, the company Onvista Media, which among other things operates the finance portal onvista.de, came under the umbrella of the credit institution. With the acquisition, the Comdirect Bank wanted to strengthen securities trading and at the same time expand the business information business. Even before the takeover, the Comdirect Bank operated the so-called “Informer”, a financial portal with a wide reach. In February 2017, the Federal Cartel Office approved the merger without any special conditions. The banking supervisory authority also had no objections. The Comdirect Bank announced that it would merge Onvista Bank with the parent company, but would keep the name. The merger was a formal act that saved one of the two banking licenses . The Onvista Media company was continued as an independent subsidiary.

In 2017, the Comdirect Bank launched a robo-advisor under the Cominvest brand , which is intended to support private investors in particular when investing in securities. It was the first offer of this kind from an established institute. Cominvest established itself successfully and reached second place in Germany in terms of assets under management just a few months after its launch. Commerzbank now also offers Cominvest.

Concentration on private customers

In mid-2018, the Comdirect Bank announced the sale of the European Bank for Financial Services (Ebase). The reason was the greater focus on the core business with private customers, which had proven to be the most profitable area of ​​the company. The proceeds should primarily be invested in the acquisition of new customers and the development of new products. In fact, the Comdirect Bank was able to significantly expand its position on the domestic market: from autumn 2016 to the end of 2018 it gained more than half a million new private customers. The institute was present at both the launch of Google Pay and Apple Pay and thus developed into a pioneer in mobile payment . In addition, the Comdirect Bank supports voice assistants from Amazon and Google.

Merger with Commerzbank

On September 20, 2019, Commerzbank announced plans to merge with Comdirect Bank . With the voluntary takeover offer at EUR 11.44 per share, Commerzbank aimed to increase its stake from 82 to over 90 percent of the shares. The Commerzbank Inlandsbanken Holding reached after the bid with 82.63 percent of the target for a possible squeeze-out is not initially. On January 3, 2020, it announced that by acquiring an 8 percent block of shares from Petrus Advisers around Klaus Umek at EUR 15.15 per share and further share purchases, it would now hold over 90 percent of the shares in Comdirect Bank. The remaining shareholders are to be compensated.

organization

Legal form, share and shareholders

The Comdirect Bank is a stock corporation under German law. The object of the company is the "operation of banking and financial services and other services and transactions associated therewith". The share capital amounts to 141,220,815 euros, divided into 141,220,815 no-par value bearer shares . They are traded in the Prime Standard of Deutsche Börse . Until September 2016, the Comdirect Bank was part of the SDAX , in which it was included again on December 23, 2019. With the acquisition of the 7.5 percent Comdirect Bank stake in the hedge fund Petrus Advisors Ltd. Commerzbank exceeded the 90% threshold of its subsidiary's share capital. As a result, the Comdirect Bank had to leave the S-Dax again with effect from January 8, 2020 because the free float fell below the 10% threshold.

At the end of the 2018 financial year, Commerzbank owned around 82% of Comdirect Bank. The remaining 17% of the shares were in free float . As part of the acquisition offer by Commerzbank AG from October 30, 2019 to December 6, 2019, 457,343 Comdirect Bank AG shares (0.32% of the share capital of a total of 141,220,815 shares) were tendered. The hedge fund Petrus Advisors Ltd. As the second largest shareholder, had its stake in Comdirect Bank AG during this period from 3.01% (September 27, 2019) to 5.03% (November 8, 2019) until the agreement with Commerzbank AG on January 3, 2020 further increased.

Along with Commerz Real, Comdirect Bank is one of the two most important domestic subsidiaries of Commerzbank. Both banks work closely together in various fields, for example in the processing of payment transactions and securities transactions as well as processes in the area of risk management . In addition to Onvista, Comdirect also includes some special funds that are included in the consolidated financial statements .

Board of Directors and Supervisory Board

The management of the Comdirect Bank is incumbent on the board of directors , which according to the statutes must consist of at least two people. The committee currently consists of Frauke Hegemann ( Chief Executive Officer ) and Matthias Hach ( Chief Marketing Officer ). The supervisory board consists of six people: four are elected by the general meeting and two by the employees. Jochen Sutor (chairman), Verena Pausder, Sandra Persiehl, Sabine Schmittroth, Michael Mandel and Heiko Drücker currently belong to the committee. Mandel is also a member of Commerzbank's executive board.

Products (selection)

Account and investment

A core product of the Comdirect Bank is the free current account with no minimum incoming payments. The JuniorGiro account on a credit basis is aimed specifically at children and young people between the ages of seven and 18. In addition, the Comdirect Bank also offers the free basic account in accordance with the Payment Accounts Act. In addition to a Girocard are credit cards from Visa and American Express offered. Google Pay and Apple Pay have been supported since the beginning. Customers can withdraw cash at home and abroad free of charge with both cards. Since January 2020, day and time deposit accounts have not been offered anymore, after these products were only available to customers with current accounts from November 2019.

Deposit and securities

The Comdirect depot forms the basis for investing in securities such as stocks , bonds and funds . It offers access to various national and international stock exchanges as well as over-the-counter trading . The Comdirect Bank temporarily waives the basic fee for private customers after opening a custody account with active use. Costs are only due when you actively trade. Securities savings plans are also offered. For some time now, the Comdirect Bank has been offering customers who would like to receive support with their investments, a digital assistant called Cominvest . Similar to the current account, there is also a variant for children and young people with the custody accounts: With the JuniorDepot, for example, parents can invest money in securities for their children, also in the savings plan.

Credit and finance

Against the background of low key interest rates, representatives of the Comdirect Bank spoke out against high overdraft rates. The bank's interest rates are usually in the bottom third of the market. In addition to the overdraft facility, the Comdirect Bank also offers installment loans from 5,000 to 50,000 euros. In addition, in the early years of business operations, it introduced an offer for securities loans with which investors can leverage their activities on the stock exchange. In the field of mortgage lending, the Comdirect Bank does not act as a lender itself, but rather arranges suitable products from other credit institutions.

social commitment

Calculating Foundation

2009 Comdirect Bank established with the Stuttgart Stock Exchange , the Numeracy Foundation . It is a legal foundation under civil law with its statutory seat in Hamburg and its administrative seat in Quickborn. Its aim is to impart knowledge of mathematics and the joy of arithmetic. In cooperation with the online learning system Bettermarks and the opinion research institute Forsa , the foundation carried out a comprehensive study among schoolchildren, which served as the basis for measures to improve their skills. The foundation's patron was initially Annette Schavan , and Johanna Wanka took her place in June 2013 . Christian Rach was won as a prominent ambassador.

Action per share

The Comdirect Bank supports the “Aktion per Share”, which advocates a better share culture in Germany. It was launched in 2015 and aims to promote an unbiased and enlightened approach to the issue of shares. The initiative organizes the “ Share Day ” annually , on which customers of the participating banks can trade free of charge.

Volleyball association

In 2017 the German Volleyball Association (DVV) announced a so-called “innovation partnership” with the Comdirect Bank. With the 2018 season, the institute became the main sponsor of the German national team. The partners jointly introduced technological innovations such as the hawk-eye , video evidence and live statistics.

Financial heroines

In 2018, employees of the Comdirect Bank launched the “Finanz-heroinnen” initiative. The aim is to support women on their way to financial independence. The offer includes an online magazine, a learning app, a podcast and after-work meetings in major German cities.

criticism

Securities transactions

In 2000, the Schleswig-Holstein Higher Regional Court ruled in a case to the disadvantage of the Comdirect Bank. The sell order that a customer placed on Friday was not executed until the following Monday. Although this did not result in any financial damage, the plaintiff asserted the loss of his authority to dispose, which was independent of the price development. The court followed this line of argument and called for the correct execution of daily orders.

In 2001 the Comdirect Bank had to pay damages to a customer . He wanted to realize short-term profits by selling shares, but could not reach the bank via the Internet, only by phone. The delay in the order created a disadvantage for the customer. The Itzehoe district court ruled in the second instance that the Comdirect must maintain access channels via the Internet and design them so that incoming orders can also be carried out.

Credit checks

In 2005, the consumer advice center in North Rhine-Westphalia criticized the Comdirect Bank for subjecting interested parties to a credit check, which could lead to a current account being rejected. The consumer advocates speculated that the company was primarily concerned with concluding follow-up deals. If a customer's burdens are too high, he is "of no interest to the bank". In addition, this approach contradicts the recommendation of the industry association Central Credit Committee .

Payment transactions

In 2012, the Comdirect Bank inadvertently showed a credit of 200 million euros on a customer's current account . The bank justified the mistake with a technical problem with the sale of a fund portfolio, which was not foreseeable. The credit was canceled after a few hours, but still had legal consequences. Since the customer concerned had meanwhile transferred almost ten million euros to an account at another bank, a negative balance arose after the reversal, for which interest was charged. The Itzehoe regional court ruled in 2012 that the Comdirect Bank had to reimburse the customer for this.

In 2016, a software update occurred at the Comdirect Bank: some customers were able to see the account balances of other customers for a short time after logging on to the bank's website. According to media reports, access to account statements was possible, but it was not possible, for example, to make transfers to third parties. The error was caused by a software update overnight and was noticed internally around 9:00 a.m. After the Comdirect Bank had to completely restart its website, the problem was solved at around 11:20 a.m. The industry ticker heise online criticized that the bank had "not responded for an hour and a half" to a corresponding note. Journalists from the Süddeutsche Zeitung ruled that banking secrecy had been "practically lifted" for hours.

There was no material damage. Representatives of the Comdirect Bank publicly regretted the mistake, which ultimately affected 6,500 of the approximately two million private customers. The credit institute sent a message to the affected users to apologize and to inform them of the extent of external access. They were offered to switch their accounts, which less than a dozen made use of. The banking supervisory authority and the data protection authorities were also informed.

Web links

Commons : Comdirect  - collection of pictures, videos and audio files

Individual evidence

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  7. ↑ Karsten Seibel: Comdirect is developing from an online broker to a full bank . In: The world . April 23, 2008, p. 21 .
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  28. ↑ back account fee . In: Deutsches Ärzteblatt . October 4, 1996, p. 34 .
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  30. ↑ Comdirect paves the way to the stock exchange . In: horizon . June 4, 1998, p. 6 .
  31. ↑ Comdirect offers investors trading via Xetra . In: Börsen-Zeitung . August 15, 1998, p. 5 .
  32. ↑ Comdirect sets the pace . In: Frankfurter Rundschau . August 27, 1998, p. 14 .
  33. ↑ Comdirect also offers private customers real-time stock exchange prices . In: Handelsblatt . November 19, 1999, p. 39 .
  34. ↑ Comdirect Bank cooperates with T-Online for the first time . In: horizon . December 10, 1998, p. 6 .
  35. ↑ Comdirect lures into the Internet . Bank and T-Online offer six month fee waiver. In: Frankfurter Rundschau . December 3, 1998, p. 12 .
  36. ↑ Comdirect wins more customers than planned . In: Börsen-Zeitung . July 23, 1998, p. 15 .
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  40. ↑ Comdirect strives abroad . Discount broker spearheads Commerzbank strategy. In: Frankfurter Rundschau . April 22, 1999, p. 14 .
  41. ↑ Comdirect Bank is expanding its headquarters in Quickborn . In: Hamburger Abendblatt . December 17, 1999, p. 3 .
  42. ↑ Comdirect Bank is growing rapidly . In: Börsen-Zeitung . August 20, 1999, p. 8 .
  43. ↑ Comdirect Bank soon to the stock exchange . In: Wiesbaden Courier . November 16, 1999.
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  46. ↑ Comdirect Bank now AG . In: Börsen-Zeitung . November 17, 1999, p. 7 .
  47. ^ New alliance in internet banking . T-Online and Comdirect Bank join forces. In: The world . February 18, 2000, p. 1 .
  48. ↑ Big banks are preparing for the future on the Internet . Comdirect strengthens connection with T-Online. In: Frankfurter Rundschau . February 18, 2000, p. 15 .
  49. ↑ New impulses for online banking . Commerzbank and Deutsche Telekom forge a billion-dollar Internet alliance. In: Rhein-Zeitung . February 18, 2000.
  50. ↑ "Two market leaders team up" . In: Börsen-Zeitung . February 18, 2000, p. 8 .
  51. ↑ Comdirect starts in France with Paresco . In: Handelsblatt . March 29, 2000, p. 23 .
  52. ↑ Comdirect shines before going public . In: Handelsblatt . March 31, 2000, p. 24 .
  53. ↑ Comdirect goes public . In: Der Tagesspiegel . May 20, 2000, p. 1 .
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  56. ^ Tasso Enzweiler: Comdirect IPO: Shareholders examine lawsuit against Commerzbank . In: Financial Times Germany . May 22, 2000, p. 1 .
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  58. ^ Robert Landgraf: Closed society . In: Handelsblatt . April 27, 2000, p. 2 .
  59. ^ Christian Schnell: Successful start of Comdirect . In: Handelsblatt . June 6, 2000, p. 31 .
  60. ↑ comdirect several times oversubscribed . In: Hamburger Abendblatt . June 3, 2000, p. 22 .
  61. ↑ Ralf Zimmermann: Comdirect starts with a jump in price on the Neuer Markt . In: Financial Times Germany . June 6, 2000, p. 1 .
  62. ↑ Comdirect Bank in the Nemax 50 . In: Hamburger Abendblatt . July 14, 2000, p. 20 .
  63. ↑ Comdirect-Bank celebrates successful stock market debut . In: Der Tagesspiegel . June 6, 2000, p. 25 .
  64. ↑ Comdirect goes public . Price gain against the market trend. In: Handelsblatt . June 6, 2000, p. 39 .
  65. ↑ Now is not the time for Comdirect to soar . In: Financial Times Germany . June 6, 2000, p. 21 .
  66. ↑ Comdirect benefits from the IPO . In: Börsen-Zeitung . August 11, 2000, p. 4 .
  67. ↑ Comdirect's IPO fills the coffers . In: Berliner Morgenpost . July 25, 2000, p. 11 .
  68. ↑ Comdirect doubles its workforce . In: Berliner Zeitung . August 12, 2000, p. 34 .
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  71. ↑ Comdirect now also with an insurance offer . In: Handelsblatt . August 3, 2000, p. 22 .
  72. ↑ Comdirect is also developing investment banking . In: Financial Times Germany . November 28, 2000, p. 23 .
  73. ↑ Comdirect arranges building finance . In: Börsen-Zeitung . December 13, 2000, p. 6 .
  74. ↑ Comdirect wants to open up Europe . In: Handelsblatt . August 15, 2000, p. 24 .
  75. ↑ Comdirect is considering takeovers . In: Handelsblatt . November 9, 2000, p. 23 .
  76. ↑ Commerzbank welcomes plans from Comdirect . November 1, 2000, p. 30 .
  77. ↑ Comdirect expands offer . In: Financial Times Germany . March 22, 2001, p. 24 .
  78. ↑ Comdirect and Web.de . In: Financial Times Germany . March 8, 2001, p. 20 .
  79. ↑ Comdirect Bank share price crashes . In: Handelsblatt . November 8, 2000, p. 1 .
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Coordinates: 53 ° 44 ′ 44.1 ″  N , 9 ° 56 ′ 36.5 ″  E