In the course of the transaction the respective customer relationships are being transferred to BNP Paribas; all the employees of the Commerzbank business unit have the possibility to move to BNP Paribas. It was agreed that confidentiality be maintained on the contractual details. The transaction is still subject to the approval of the relevant authorities.
'For Commerzbank the sale is a consequence of the continuous review of the strategic repositioning of the Bank. Depotbank services for investment companies are no longer part of the Bank’s core business', said Frank Annuscheit, Chief Operating Officer and a member of the Board of Managing Directors of Commerzbank.
The 'Depotbank' business offers services for investment companies (mutual and special funds in the securities and real estate sectors) and institutional investors, such as the settlement of securities transactions, the administration and safekeeping of assets as well as the control of the fund administration. More than 80 employees work in the 'Depotbank'. As of the end of April 2013, a volume of approximately EUR 93 billion was managed.
Not affected by the deal is the custody business ('Depotgeschäft') for customers of Commerzbank which is part of Commerzbank’s core business. The custody business of Commerzbank provides a comprehensive custody capability for the Bank's private, business, and corporate customers as well as for institutional investors.
image: © Valerie Everett