The FINANCIAL — Commerzbank has completed the sale of its subsidiary Commerzbank International Trust Singapore (CITS) to the Trident Trust Group, as announced.
The regulatory authorities have approved the transaction. CITS specializes in fund management and trust services for private and corporate clients. As of the end of 2009 the company had assets under administration totaling EUR 930 million and employed seven people. Any other Singapore-based activities of Commerzbank remain unaffected by the transaction.
Discussion about this post