Commerzbank and HSBC Transaction Services GmbH agree strategic partnership for securities settlement more
(WorldNews Germany)

Commerzbank AG and HSBC Transaction Services GmbH have agreed to enter into a strategic partnership for securities settlement. Under this partnership, Commerzbank`s securities settlement business processes will be transferred. For this purpose, a joint venture shall be set up in which Commerzbank shall have a 20 per cent minority stake. The partnership will be in place for an initial period of 10 years. The new company is due to begin operations in early 2020. By then, both partners will have put in place the technical framework for the data migration. The investments and expected medium-term savings are fully accounted for in the `Commerzbank 4.0` strategy. In 2018, the partners will embark...