July 31, 2009
Commerzbank transfers Reuschel & Co. Privatbankiers to Conrad Hinrich Donner Bank
Commerzbank is transferring Reuschel & Co. Kommanditgesellschaft to Conrad Hinrich Donner Bank AG. The relevant contracts have now been signed. The sale is still subject to the usual approval from the anti-trust and supervisory authorities. It was agreed to dislose neither purchase price nor further details.
“As we announced with the ‘Roadmap 2012’ in May, we will in future focus even further on our core business,” said Achim Kassow, responsible for the private customer business in the Board of Managing Directors of Commerzbank. “Reuschel is valuable and occupies a prime position among German regional private banks. That is why we were soon able to find a solution which takes into consideration the interests of all parties involved.” The transaction was also subject of the agreements made with the EU Commission regarding the participation in the Special Fund Financial Market Stabilization (SoFFin).
“We have been actively involved in the process from the beginning, which is why we are especially pleased with the outcome. The new setup allows us to further expand our business with affluent private and corporate clients”, said Patrick Tessmann, Managing Partner of Reuschel & Co. Kommanditgesellschaft.
The 74% share in the Austrian Privatinvest Bank AG in Salzburg currently held by Reuschel will for now stay with Commerzbank, but is also intended to be sold. As of December 31, 2008 Reuschel & Co. Kommanditgesellschaft had 425 employees and reported an annual surplus of EUR 8.8 million.
