Commerzbank, HSBC Create Partnership for Securities Settlement Operations
07 December 2017 - 9:04PM
Dow Jones News
By Alberto Delclaux
Commerzbank AG (CBK.XE) said Thursday that it was transferring
its securities settlement operations to a newly-created joint
venture with HSBC Transaction Services GmbH.
Commerzbank will have a 20% stake in the joint venture, which
will begin operations in early 2020 and will go on for an initial
period of 10 years.
The bank said Commerzbank's 4.0 strategy, which aims to
digitalize the bank and cut costs, accounts for investments and
expected medium-term savings.
"The strategic partnership with HSBC for securities settlement
ties in with both these aims. In the future, we will be using
HSBC's state-of-the-art securities platform and achieving clear
cost benefits," said Commerzbank Chief Operating Officer Frank
Annuscheit.
Write to Alberto Delclaux at alberto.delclaux@dowjones.com
(END) Dow Jones Newswires
December 07, 2017 04:49 ET (09:49 GMT)
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