BNP Paribas Buys Commerzbank German Depotbank Business

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

The acquisition will allow the securities services provider to expand its existing UCITS business and establish a new service offering for real estate funds.

BNP Paribas Securities Services said the transaction underlines its strong commitment to the German market which is one of its key markets in Europe, and marks its ambition to extend its depositary offering, following the acquisition of Credem, an Italian depositary, in 2012. As of the end of April 2013, about €93 billion assets under depositary was serviced by Commerzbank. It was agreed that confidentiality be maintained on the contractual details. The transaction is still subject to the approval of the relevant authorities.

Michael Hartmann, head of Operations Europe at Allianz Global Investors, one of the largest clients, stated regarding the transfer: “We are pleased with the decision in favour of BNP Paribas for the benefit of our customers and look forward to working together successfully. Due to BNP Paribas Securities Services´ many years of experience in this business and strong market position, we will appoint BNP Paribas as depositary and custodian for the German domiciled UCITS of Allianz Global Investors.”

Gerald Noltsch, head of the German office of BNP Paribas Securities Services, said: “The expansion underpins our market leadership in Germany and will help to bolster our position in the UCITS segment in servicing Allianz Global Investors as one of the leading Asset Managers in Germany as well as the build-up of services for real estate funds. These are important pillars for our long term strategy and our ambition to provide to all our existing and new clients comprehensive solutions and services.”

The Commerzbank depotbank business has more than 80 employees.