French banking giant BNP Paribas, which has over US$7 trillion assets under custody, has acquired fund management unit of Germany’s Commerzbank.
The acquisition of Commerzbank’s Depotbank business managing funds worth EUR93 billion for German domiciled UCITS and institutional funds, securities funds and open-ended real estate funds will allow BNP Paribas to consolidate its overall position in the German depositary market.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
As a part of the deal, more than 80 Commerzbank employees involved in those activities will be given the opportunity to join BNP Paribas Securities Services.
Frank Annuscheit, COO and a member of the board of managing directors of Commerzbank, said: "For Commerzbank the sale is a consequence of the continuous review of the strategic repositioning of the bank."
Gerald Noltsch, head of the German office of BNP Paribas Securities Services, said: "The expansion underpins our market leadership in Germany and will help to bolster our position in the UCITS segment in servicing Allianz Global Investors in Germany as well as the build-up of services for real estate funds."
The transaction is still subject to the approval of the relevant authorities.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
