Germany-based Commerzbank has signed an agreement with UBS over the sale of its French asset management subsidiary, Caisse Centrale de Reescompte, for a total consideration of up to E435 million.
The transaction is still subject to regulatory approval, and will lead to a capital gain for Commerzbank in the region of E150 million. The deal is expected to close during the first quarter of 2008.
Having sold its UK asset management subsidiary, Jupiter, in March, as well as Commerz International Capital Management in September, 2007 and having now agreed the sale of Caisse Centrale de Reescompte (CCR), Commerzbank has completed its stated goal of fully refocusing its asset management activities on its German subsidiary, Cominvest.
Achim Kassow, member of the board of Commerzbank and responsible for private and business clients, as well as for asset management, said: We have achieved attractive valuations in the sale of all three subsidiaries and successfully completed our objective of focusing our activities. Obviously Cominvest is on the road of success. Today the company manages E10 billion more than it used to in summer last year when Alpha, Cominvest’s growth program, was established. This is clearly a sign of confidence given to us by our private as well as our institutional clients. This track record of profitable growth based on innovative products, superior performance and efficient processes will continue to be followed.