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Commerzbank selling Privatinvest to Zuercher

Commerzbank selling Privatinvest to Zuercher

Germany's Commerzbank AG said Tuesday it will sell its 74-percent stake in Austria's Privatinvest Bank to Zuercher Kantonalbank.
The terms of the deal were not disclosed as it is subject to regulatory approval. The move is part of Commerzbank's strategy of focusing on select locations in wealth management, a move it has undertaken since acquiring Germany's Dresdner Bank.
In a statement, Frankfurt-based Commerzbank, said Privatinvest Bank AG is active in private banking, including wealth management and securities trading. It has some ⁈llion assets under management. The Salzburg-based bank has 50 employees and a branch in the Austrian capital, Vienna.
Shares of Commerzbank, which is Germany's second biggest behind Deutsche Bank AG, were down as much as 7.2 percent before leveling off to ⁈$10.96), or down 5.8 percent.
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Updated : 2021-03-02 10:40 GMT+08:00