Commerzbank sells off Dresdner Bank Monaco
by Richard Kilner
Story link: Commerzbank sells off Dresdner Bank Monaco
Commerzbank has announced that it has successfully completed the sale of Dresdner Bank Monaco S.A.M. to the Lebanese Bank Audi sal-Audi Saradar Group.
The news follows the transaction receiving the necessary regulatory green lights.
The Bank Audi sal-Audi Saradar Group will now acquire Dresdner Bank Monaco, which focuses upon providing clients in southern France, Monaco and northern Italy with private wealth management services.
The sale is one in a recent spate from Commerzbank, and was first announced in January of this year.
In July, the bank sold off loan savings and financing subsidiary Allianz Dresdner Bauspar AG (ADB) to to Wüstenrot Bausparkasse AG.
A week before that transaction, Commerzbank sold off Kleinwort Benson to RHJ International, as part of the agreement involving the Special Fund Financial Market Stabilization (SoFFin) with the EU Commission.