FRANKFURT, July 25 (Reuters) - Germany’s second biggest lender Commerzbank is selling a custody unit to French BNP Paribas as it continues its efforts to streamline its portfolio.
“Depotbank (custody) services for investment companies are no longer part of the bank’s core business,” Commerzbank’s Chief Operating Officer Frank Annuscheit said in a statement on Thursday.
The roughly 80 employees of the unit 2013 managed a volume of 93 billion euros ($123 billion) as of the end of April.
Commerzbank is keeping its custody business for retail and corporate customers and direct custody services for institutional investors. ($1 = 0.7555 euros) (Reporting by Arno Schuetze; Editing by Victoria Bryan)