Complex-formation reactions of aquacobalamin were reinvestigated to clarify the role of high chloride concentrations (up to 1 mol dm–3). It was found that high chloride concentrations retard the reactions due to the formation of the less substitution-labile chloro complex, for which the formation constant was found to be 0.8 dm3 mol–1 at 25 °C and ionic strength 1.0 mol dm–3. The pH dependence of the complex formation with hydrazoic acid was also re-examined. Volumes of activation were determined for the reactions with HN3 and N3– in NaClO4 medium and are discussed in comparison with those measured in KCl medium. Direct kinetic evidence for the occurrence of a reverse, acid-catalysed aquation reaction was found and this step is characterised by an activation volume of +8.3 ± 1.6 cm3 mol–1. The results are all in agreement with the concept of a dissociative interchange substitution mechanism.