The planned sale would represent another major step towards HypoVereinsbank’s (HVB) tangible and sustained cost savings on the operational front, while simultaneously allowing HVB to continue to focus on its core competencies.

For CACEIS, meanwhile, this move forms part of its strategy of growth through acquisitions.

On completion of the sale, HVB customers will continue to receive securities services in the accustomed quality and scope, as well as benefiting from the large product portfolio of CACEIS.

The German operations of CACEIS will be based in Munich with the existing HVB teams.

The sale is scheduled to conclude by the end of 2007, subject to appropriate regulatory approvals.