Clifford Chance advises BNP Paribas Securities Services on the acquisition of Commerzbank's "Depotbank" business
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.