BNP Paribas snaps up Commerzbank's depot business 26 July 2013London Reporter: Georgina Lavers
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BNP Paribas Securities Services has acquired Commerzbank’s depotbank business for German-domiciled UCITS and institutional funds, securities funds as well as open-ended real estate funds.
The 80 Commerzbank employees currently involved in these activities will be given the opportunity to join BNP Paribas.
The deal will strengthen the French bank’s position in the depository market, following the acquisition of Credem, an Italian depository, in 2012.
It also will expand its UCITS business, and establish a new service offering for real estate funds.
??As of the end of April 2013, a volume of approximately €93 billion assets under depository was serviced by Commerzbank.
It was agreed that confidentiality be maintained on the contractual details. The transaction is still subject to the approval of the relevant authorities.
Michael Hartmann, head of operations Europe at Allianz Global Investors, one of Commerzbank's largest clients, said: “We are pleased with the decision in favour of BNP Paribas for the benefit of our customers ... Due to BNP Paribas Securities Services´ many years of experience in this business and strong market position, we will appoint BNP Paribas as depository and custodian for the German-domiciled UCITS of Allianz Global Investors.”
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 as one of the leading asset managers in Germany as well as the build-up of services for real estate funds.”
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