BNP Paribas Securities Services in Germany successfully completed on 31 October the contractual Closing of the acquisition of Commerzbank “Depotbank” business.
In July BNP Paribas Securities Services signed the acquisition of the “Depotbank” business of Commerzbank. In the meantime three-quarters of the Commerzbank employees have agreed to join BNP Paribas Securities Services and will move to its premises in 2014. The overall headcount of Securities Services then amounts to around 340 in Germany. The migration phase of the project commences now and funds will gradually be migrated.
BNP Paribas Securities Services is the largest “Depotbank” in the German market with more than 200 bn EUR Assets under Administration. The acquisition brings heightened expertise in the UCITS segment and new services for real-estate funds.
Gerald Noltsch, Head of BNP Paribas Securities Services Germany and Northern Europe commented, “The deal is running to plan. We are delighted to welcome our new colleagues and appreciate the additional expertise they bring.“