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Sunday 12th of September 2010

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September 8, 2010

Commerzbank to sell montrada GmbH

by Richard Kilner

Story link: Commerzbank to sell montrada GmbH

Commerzbank has announced that it is sellings its subsidiary, montrada GmbH, a card payment processing specialist.

The subsidiary will be acquired by Dutch company Equens SE, with all the necessary paperwork signed off by the firms today.

Naturally, the acquisition will still require the relevant regulatory green lights in order to proceed and be successfully completed.

In addition to the transaction, Commerzbank and Equens have agreed a five-year exclusive sales partnership for card-aided payment transaction products.

The agreement will become effective at the successful conclusion of the montrada GmbH sale.

Montrada GmbH is the latest in a growing series of sales made by Commerzbank.

At the start of the month the German bank announced the successful completion of the sale of Dresdner Bank Monaco S.A.M. to the Lebanese Bank Audi sal-Audi Saradar Group.

Prior to this, Commerzbank had sold loan savings and financing subsidiary Allianz Dresdner Bauspar AG (ADB) and Kleinwort Benson.

 

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