Clifford Chance advised BNP Paribas Securities Services on the acquisition of Commerzbank’s “Depotbank” business. The parties agreed that confidentiality be maintained on the contractual details. The transaction is still subject to the approval of the relevant authorities.

BNP Paribas Securities Services acquires activities of the "Depotbank" comprising the German domiciled UCITS, institutional funds, securities funds as well as open-ended real estate funds. As of the end of April 2013, a volume of approximately EUR 93 billion assets under depositary was serviced by Commerzbank.

In the course of the acquisition, BNP Paribas Securities Services strengthens its number one position in institutional funds, while expanding its UCITS business and establishing a new service offering for real estate funds.

BNP Paribas Securities Services, a wholly-owned subsidiary of BNP Paribas, is a leading global custodian with over 7 trillion US dollar assets under custody.

The Clifford Chance team was led by partner Dr. Thomas Krecek and consisted of senior associate Dr. Benjamin Büttner, associate Jan Wittrodt and transaction lawyer Moritz Erdmann (all Corporate), partner Dr. Stefan Simon and senior associate Priscilla Ries (both Employment Law), partner Dr. Felix Mühlhäuser (Tax) – all Frankfurt – as well as partner Marc Besen and senior associate Dr. Achim Gronemeyer (both Antitrust, Düsseldorf).