Commerzbank to Exit Hong Kong, Luxembourg in Restructuring
- Will sell Brazilian unit, focus Asia operations in Singapore
- Realignment is part of previously announced restructuring plan
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Commerzbank AG plans to withdraw from locations including Hong Kong, Luxembourg and Hungary as part of its previously announced restructuring, according to an internal memo seen by Bloomberg.
Asia sales activities will be bundled in Singapore and the Dubai branch will continue to operate as a representative office, it said. In South America, the German lender plans to sell its subsidiary in Brazil and open a representative office.