Commerzbank closes sale of Brazilian Banco Multiplo
Commerzbank has completed the sale of its Brazilian subsidiary Dresdner Bank Brasil S.A. Banco Múltiplo to Canada-based Scotiabank, as announced. The regulatory authorities have approved the transaction.
- (1888PressRelease) October 05, 2011 - Based in Sao Paulo, Banco Múltiplo is focussing on investment banking. As of the end of 2010 the bank had total assets of approximately EUR 237 million and 37 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:
Maximilian Bicker +49 69 136 28696
About Commerzbank
Commerzbank is a leading bank for private and corporate customers 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 future total of some 1,200 branches, Commerzbank has one of the densest networks of branches among German private banks. It has above 60 sites in more than 50 countries and serves more than 14 million private clients as well as 1 million business and corporate clients worldwide.
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