Under the terms of the transaction, which is subject to approvals of the concerned regulatory authorities, all employees of the acquired firm are likely to be absorbed by the acquirer.
Commerzbank CEO and a member of the board of managing directors Frank Annuscheit said, "For Commerzbank the sale is a consequence of the continuous review of the strategic repositioning of the Bank."
The Depotbank provides services for investment companies and institutional investors, including the settlement of securities transactions, the administration and safekeeping of assets as well as the control of the fund administration.
As of the end of April 2013, Depotbank administers €93bn and has a workforce of more than 80 employees. The sale will not affect operations of Commerzbank’s custody business Depotgeschäft’.
Most recently, the bank agreed to dispose of Eurohypo’s UK commercial real estate business in a deal estimated to be nearly $6.5bn to US-based Wells Fargo and private equity firm Lone Star.
Commerzbank, 17% owned by Germany government, manages approximately 1,200 bank branches and serves about 15 million private customers, as well as 1 million business and corporate customers.
