BNP Paribas closes acquisition of Commerzbank 04 November 2013London Reporter: Daniel Jackson
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BNP Paribas in Germany has successfully completed on the contractual closing of its acquisition of Commerzbank’s custody business
The French bank agreed to buy the “depotbank” business in July. The majority of the Commerzbank employees have agreed to join BNP Paribas and will move to its premises in 2014.
This will bring the number of BNP Paribas Securities Services staff employed by the bank in Germany to 340.
BNP Paribas Securities Services is the largest depotbank in the German market with more than €200 billion in assets under administration.
The acquisition brings heightened expertise in the UCITS segment and new services for real-estate funds.
The head of BNP Paribas Securities Services in Germany and Northern Europe, Gerald Noltsch, said: “The deal is running to plan. We are delighted to welcome our new colleagues and appreciate the additional expertise they bring.”
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