Commerzbank sells second private bank in a week
Germany's second biggest bank, Commerzbank, has confirmed it will sell Munich-based private banking unit Reuschel & Co Privatbankiers to Conrad Hinrich Donner Bank.
Hamburg-based Conrad Hinrich Donner Bank will buy Reuschel & Co for an undisclosed price. Achim Kassow, responsible for the private customer business at Commerzbank said: “Reuschel is valuable and occupies a prime position among German regional private banks. That is why we were soon able to find a solution which takes into consideration the interests of all parties involved.”
“We have been actively involved in the process from the beginning, which is why we are especially pleased with the outcome. The new set-up allows us to further expand our business with affluent private and corporate clients”, said Patrick Tessmann, Managing Partner of Reuschel & Co. Kommanditgesellschaft.
The 74% share in the Austrian Privatinvest Bank in Salzburg, held by Reuschel until now, will stay with Commerzbank, with a view to its future sale.
In December Reuschel had 425 employees and reported an annual surplus of just €8.8 million.
Commerzbank agreed to sell its Zurich-based Swiss unit to Swiss private bank Vontobel last week, boosting Vontobel's client funds by 20%.
Commerzbank was ordered by the European Commission to sell Reuschel and its Swiss business by the end of 2011 as part of the price of its support for a German government rescue package. It has embarked on the sale of its UK-based private bank Kleinwort Benson, for similar reasons.
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