German banking and financial services company Commerzbank plans to close its Foreign Exchange Prime Brokerage (FXPB) business in an effort to reallocate resources in its Market Services business.
The company’s Market Services business includes post-trade solutions such as custody, collateral solutions and clearing, as well as trade repository services, reports Forex Magnates.
Commerzbank plans to optimize its services in order to better fit its clients’ requirements and expects that the closure of its brokerage unit, which is a small part of the overall Market Services business, will be more of an ‘addition by subtraction’.
Commerzbank holds a nationwide network of branch offices, offshore branch offices and representations in more than 50 countries globally. It employed a total of 51,782 employees as on June 2014.
The bank offers its clients retail and commercial financing services, investment banking services, asset management & private banking services.
Image: Commerzbank Tower in Frankfurt from the top of Main Tower. Photo: courtesy of T. Gozdziewicz