BNP Paribas Completes Acquisition of Commerzbank Depotbank Business

BNP Paribas Securities Services has completed its acquisition of Commerzbank’s Depotbank business for German domiciled UCITS and institutional funds, securities funds as well as open-ended real estate funds.

Following contractual close, migration phase of the project will now commence and funds will gradually be migrated.

In July BNP Paribas Securities Services agreed 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 will then amount to around 340 in Germany.

The latest acquisition makes BNP Paribas Securities Services the largest Depotbank in the German market with more than €200bn 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.”