BNP Buys Commezbank Unit to Add Funds Managed 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 (ALV)’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.
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