Commerzbank is selling Dresdner Van Moer Courtens and the Belgian branch of its subsidiary Commerzbank International S.A. Luxembourg (CISAL), which focuses on private banking, to members of the management. The transaction is still subject to the usual approvals from the authorities. The parties have agreed to maintain confidentiality about the details.
Dresdner Van Moer Courtens was founded in 2008 as a subsidiary of Dresdner Bank Luxembourg S.A. through the merger of asset managers Damien Courtens and Van Moer Santerre. It concentrates on wealthy private clients and securities trading. The Belgian branch of Commerzbank International S.A. Luxembourg also operates in this area and was opened in 2006. At the end of 2008 both institutions together managed assets in the volume of EUR 615 million and employed 48 staff.
The Brussels branch of Commerzbank AG Frankfurt, which specializes in the corporate customer segment, will continue to be run by Commerzbank.
Commerzbank
Date: 14.10.2009
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