October 24, 2007
Commerzbank sells French asset management subsidiary CCR to UBS
Commerzbank today announced that it has reached an agreement with UBS over the sale of its French asset management subsidiary, Caisse Centrale de Réescompte S.A. (CCR), Paris, for a total consideration of up to 435 m euros. The transaction is still subject to regulatory approval, and will lead to a capital gain for Commerzbank in the region of 150 m euros. 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 (Japan) in September this year and having now agreed the sale of 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 10 bn euros more than it used to in summer last year when Alpha, cominvest's growth programme, 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."
Commerzbank has held a majority stake of more than 99% in CCR since 1993. CCR has around 17 bn euros assets under management, mainly in money market and equity funds.
For further information please contact:
Peter Pietsch: +49 (69) 136 22379
Beate Schlosser: +49 (69) 136 22137
