Commerzbank has increased its holding in comdirect to over 90%, paving the way for full ownership of the online brokerage.
The German lender has struck a deal to buy a block of comdirect shares from Petrus Advisers for an undisclosed price. Under German law, with more than 90% of comdirect shares, Commerzbank can now squeeze out remaining shareholders.
The decision to take full control of comdirect is part of a strategic plan laid out in September that includes a EUR750 million investment in digitalisation and IT infrastructure as well as job cuts and branch closures.
Says Martin Zielke, chairman of the board of managing directors, Commerzbank: "This is an important step to quickly and efficiently execute the integration of our successful direct banking subsidiary and realise significant synergies.
"This is a key component of our Commerzbank 5.0 strategy. With our strong multi-channel bank we will offer comdirect’s excellent brokerage services to all Commerzbank customers."