Source: Commerzbank
Commerzbank is selling its subsidiary Commerzbank International Trust Singapore (CITS) to the Trident Trust Group. The transaction is still subject to regulatory approval. The parties have agreed to maintain confidentiality about the details.
CITS specializes in fund administration 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.