UPDATE:Commerzbank Sells Privatinvest To Zuercher Kantonalbank
FRANKFURT -(Dow Jones)- Germany's Commerzbank AG (CBK.XE) Tuesday said it would sell its 74% holding in Austria's Privatinvest Bank to Zuercher Kantonalbank for an undisclosed amount.
The Privatinvest sale is one of several divestitures made by Commerzbank in recent months as it streamlines its balance sheet and focuses on core business activities. The European Commission has required that Commerzbank realign its business model and sell a number of holdings as a condition for receiving state aid from the German government.
Commerzbank has in recent months announced plans to sell its Swiss operations as well as Dresdner Bank's Swiss asset-management business.
The disposal further underlines expectations of a broader consolidation among asset managers, who are competing aggressively on fees as some investors pull their money out. Deutsche Bank AG (DB), Germany's largest bank by market capitalization, is expected to sign a deal by the end of October to acquire the wealth management business of Luxembourg-based private bank Sal Oppenheim Jr. & Cie.
Salzburg-based Privatinvest focuses on private banking, wealth management and securities trading, and had around EUR600 million in assets under management at the end of June.
Company Web site: www.commerzbank.com
-By Frankfurt Bureau, Dow Jones Newswires; +49 69 29725 500; djnews.frankfurt@dowjones.com
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Publié le 27 octobre 2009 Copyright © 2009 Dowjones
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