Saturday, 21st November 2009

 

27 July 2009 - Tara Loader Wilkinson

Commerz sells Dresdner private banking unit

Commerzbank, the German bank, is selling the Swiss private banking unit of subsidiary Dresdner to Liechtenstein-based wealth manager LGT, as the first large sale in what is expected to be a string of acquisitions in the wealth sector.

The acquisition will boost LGT's total assets under management to CHF87bn and double its assets in Switzerland to nearly CHF20bn, according to a statement on LGT's website

LGT said it expects to complete the integration in mid-2010.

Prince Max von und zu Liechtenstein, chief executive of LGT Group, said: "With this acquisition, we will double our asset base in Switzerland and strengthen our foothold in this important financial centre considerably. We will not only reinforce and expand our local Swiss onshore business, but also increase our market share in target growth markets such as the Middle East, Central and Eastern Europe as well as Latin America."

Commerzbank, Germany's second-largest bank, bought Dresdner Bank on the eve of the collapse of Lehman Brothers last year.

Tags: Commerzbank , Dresdner Bank , LGT Group

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