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Commerzbank and Societe Generale have signed a Business Purchase Agreement for Commerzbank’s EMC

Commerzbank and Societe Generale announce the signature of a Business Purchase Agreement for Commerzbank’s Equity Markets & Commodities business (EMC)…..

On 3 July 2018, both banks already announced an agreement for the sale of Commerzbank’s EMC business to Societe Generale.

The transaction has been approved by the employee representative committees in Germany and remains subject to the approval by relevant authorities.

The EMC business comprises manufacturing and market making of flow and structured products as well as part of Commerzbank’s asset management activities including the exchange-traded funds (ETF) franchise.

The Equity Capital Markets (“ECM”), the Equity Brokerage (“Equity Trading” and “Equity Sales/Brokerage”) businesses as well as the hedging business for commodity risks of Commerzbank are not part of the transaction.

The transaction would include the transfer of EMC’s trading books and client franchise, staff, as well as parts of the IT infrastructure. EMC front office employees and certain employees of associated support functions would be integrated by Societe Generale and Lyxor.

The staff integration and the transfer of trading books as well as its associated assets and liabilities are anticipated to take place gradually, starting in 2019, once the relevant approvals are obtained.

Both Societe Generale and Commerzbank are committed to ensuring a smooth and seamless implementation of this transaction for their clients.

Read also: Commerzbank reaches agreement to sell its Equity Markets & Commodities business (EMC) to Societe Generale

Quelle: ETFWorld

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