Commerzbank announced in June that it had informed Dresdner Kleinwort of its intention to close its subsidiary’s listed products group by the fourth quarter of 2009.
Commerzbank announced in June that it had informed Dresdner
Kleinwort of its intention to close its
subsidiary’s listed products group by the fourth
quarter of 2009. A spokesperson said the closure was part of
Commerzbank’s plan to focus on German corporate
Commerzbank, which completed in May its acquisition of
Dresdner Kleinwort, the investment banking arm of Dresdner Bank
– as part of an acquisition of Dresdner agreed last
summer – said it intends to keep its category two
membership of the London Metal Exchange, which was acquired
through the purchase of Dresdner.
Commerzbank will continue to operate a commodities business
which will offer retail derivatives, structured products, and
corporate hedging for its core clients, but will not offer any
brokering or clearing services.
The closure of the listed products group will affect 15
members of staff directly. The group is headed by LME board
member Fabien Somerville-Cotton, who has been with Dresdner
Kleinwort since 1994.
Dresdner Kleinwort’s listed products group
oversaw the bank’s exchange-traded derivatives
business, which included equities, commodities, foreign
exchange and fixed income derivatives. n
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