SocGen to buy Commerzbank's derivatives & asset management business.
Société Générale has announced that it is to buy the derivatives and asset management business of Commerzbank in a move to raise its profile in Germany.
In an article on Reuters on 4 July 2018, the French bank claimed that the purchase will also, “…boost its Lyxor funds division.”
The purchase price has not been revealed, but Commerzbank did say that the division’s gross revenues for 2017 had achieved €381 million.
“The operation is transformational for our business in Germany, it will boost our position as number 2 on the growing ETF market, but at a group level, the acquisition’s size is limited,” SocGen’s deputy chief executive Severin Cabannes said.