September 16, 2010
Commerzbank sells Brazilian Banco Múltiplo
Commerzbank is selling its Brazilian subsidiary Dresdner Bank Brasil S.A. Banco Múltiplo to Canada-based Scotiabank. The relevant contracts were signed today. It was agreed to maintain confidentiality on the details. The transaction is still subject to regulatory approval. The deal is a result of the strategic realignment of Commerzbank that goes along with the sale of non-core businesses. Based in Sao Paulo, Banco Múltiplo is focussing on investment banking. As of the end of 2009 the bank had total assets of EUR 284 million and some 50 employees.
Commerzbank's representative office in Sao Paulo which supports the activities of the bank's corporate clients through the procurement of trade financing and payment transaction services remains unaffected by the transaction. Commerzbank's Brazilian investment banking with activities in the areas of equity derivatives, commodity, currency and fixed income trading for private banks and institutional clients will also be continued.
Press contact:
Simone Fuchs: +49 69 136 44910
Marypat Davis: +1 212 895 5006
*****
About Commerzbank
Commerzbank is the leading bank for private and corporate clients in Germany. With the segments Private Clients, Mittelstandsbank, Corporates & Markets, Central & Eastern Europe as well as Asset Based Finance, the bank offers its customers an attractive product portfolio, and is a strong partner for the export-oriented SME sector in Germany and worldwide. With a total of some 1,200 branches, Commerzbank has the densest network of branches among the German private banks. It has above 60 sites in more than 50 countries and serves approximately 14 million private clients as well as one million business and corporate clients. In 2009 it posted gross revenues of EUR 10.9 billion with some 63,000 employees.
