19 June 2018
Visit www.avoka.com

Commerzbank and HSBC form securities settlement JV

11 December 2017  |  5209 views  |  0 Commerzbank bank web logo

Commerzbank is looking to make savings by transferring its securities settlement operations to a new joint venture with HSBC Transactions Services.

The German lender will have a 20% minority stake in the new venture, which is set to go live in early 2020 following intensive testing next year, and run for an initial period of 10 years.

Financial details of the agreement have not been revealed, although Commerzbank says that its investment and expected medium-term savings have been pencilled in to its recently announced '4.0' digitisation plan.

Frank Annuscheit, COO, Commerzbank, says: "Our ‘Commerzbank 4.0’ strategy is aimed at digitalising the bank, while also simplifying processes and cutting costs.

"The strategic partnership with HSBC for securities settlement ties in with both these aims: in the future, we will be using HSBC’s state-of-the-art securities platform and achieving clear cost benefits."

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

HSBC moves into open banking

HSBC moves into open banking

28 September 2017  |  44233 views  |  12 comments | 65 tweets | 124 linkedin
Commerzbank completes money market transaction over R3 Corda

Commerzbank completes money market transaction over R3 Corda

25 September 2017  |  11053 views  |  0 comments | 7 tweets | 16 linkedin
HSBC automates documentary trade processing with IBM

HSBC automates documentary trade processing with IBM

10 August 2017  |  14396 views  |  1 comments | 6 tweets | 24 linkedin
Commerzbank steps up focus on trade finance transformation

Commerzbank steps up focus on trade finance transformation

04 July 2017  |  12794 views  |  0 comments | 9 tweets | 13 linkedin
HSBC hires Biggs to lead business model innovation

HSBC hires Biggs to lead business model innovation

28 June 2017  |  23107 views  |  0 comments | 21 tweets | 18 linkedin
Commerzbank plans job cuts and digitalisation to boost profits

Commerzbank plans job cuts and digitalisation to boost profits

30 September 2016  |  9692 views  |  0 comments | 14 tweets | 13 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit http://go.jumio.com/finextraAdVisit iliad-solutions.com/

Who is commenting?

A Finextra member Finextra Member Commented on: BIS: Cryptocurrencies...
A Finextra member Finextra Member Commented on: BIS: Cryptocurrencies...
A Finextra member Finextra Member Commented on: Monzo launches bill tr...
A Finextra member Finextra Member Commented on: NatWest taps Open Bank...
A Finextra member Finextra Member Commented on: HSBC promises $17bn in...

Top topics

Most viewed Most shared
10,000 jobs could be lost to robots says Citi10,000 jobs could be lost to robots says C...
48750 views comments | 44 tweets | 35 linkedin
Ripple exec says DLT not ready for banks...yetRipple exec says DLT not ready for banks.....
10511 views comments | 9 tweets | 32 linkedin
UK launches £2.5bn startup initiativeUK launches £2.5bn startup initiative
9431 views comments | 30 tweets | 26 linkedin
HSBC promises $17bn investment in technologyHSBC promises $17bn investment in technolo...
8324 views comments | 8 tweets | 21 linkedin
Live: EBAday2018, day oneLive: EBAday2018, day one
8151 views comments | 6 tweets | 5 linkedin

Featured job

Basic c Euro 120K, Variable Euro 120K - full ben...
Paris prefered London possible

Find your next job