Commerzbank's ETF Unit Is Said to Attract Goldman Sachs InterestBy
Credit Agricole is said to have decided not to bid for unit
Commerzbank is selling ETF business as part of restructuring
Goldman Sachs Group Inc. and Barclays Plc are among banks that have signaled interested in buying the Commerzbank AG unit that houses the lender’s exchange-traded fund business, according to people familiar with the matter.
Credit Agricole, which had looked at the business as well, has decided not to bid, according to one of the people, who like the others asked not to be identified discussing non-public information. Final bids for the Equity Markets & Commodities unit, which includes Commerzbank’s ETF business Comstage and derivatives market making, are due in the next two months.
Officials for the lenders declined to comment. The interest of Goldman Sachs and Barclays was reported earlier by German daily Handelsblatt.
Commerzbank has put the EMC unit up for sale as it scales back trading and focuses on lending to retail and corporate clients. Chief Financial Officer Stephan Engels has said that he would like to complete the sale this year. Bloomberg reported in October that Societe Generale SA and other banks are looking at the business.
— With assistance by Donal Griffin, and Fabio Benedetti Valentini