Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

BNP Buys Commezbank Unit to Add Funds Managed in Germany

July 25 (Bloomberg) -- BNP Paribas SA, France’s largest bank, acquired a unit of Commerzbank AG to boost the funds it manages for investors in Germany.

The business, which settles securities transactions and administers funds, supervised about 93 billion euros ($123 billion) at the end of April, BNP and Frankfurt-based Commerzbank said today in separate e-mailed statements. No price was disclosed for the transaction.

BNP’s securities services unit, which manages more than $7 trillion for clients, said it will win custodian business from the German mutual funds of Allianz SE’s asset management arm. Commerzbank, which is cutting 5,200 jobs to boost profit, may move more than 80 employees to the Paris-based bank as part of the sale.

The transaction doesn’t affect Commerzbank’s custody business, which provides services to private, business, and corporate and institutional clients, the German lender said.

To contact the reporter on this story: Nicholas Comfort in Frankfurt at ncomfort1@bloomberg.net

To contact the editor responsible for this story: Frank Connelly at fconnelly@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.