Commerzbank has announced that it has agreed to sell Dresdner Bank Monaco S.A.M. to Bank Audi sal – Audi Saradar Group.
The value of the deal is undisclosed, and the sale itself is subject to the necessary approvals of the relevant regulatory authorities.
Dresdner Bank Monaco S.A.M. is a subsidiary of Dresdner Bank Luxembourg S.A and focuses upon private wealth management in northern Italy, southern France and Monaco itself.
At the end of 2008 its assets under management were €233m, and it employed 18 staff.
Bank Audi sal is a leading Lebanese financial institution and already has a presence in France, and Switzerland.
The acquisition of Dresdner Bank Monaco S.A.M. is in line with Bank Audi sal’s strategic objective of developing a strong private banking presence in Europe.
Commerzbank has made a number of sales in recent months, last year selling off the Kleinwort Benson business to financial holding company RHJ International and the Global Agency Securities Lending business of Dresdner Bank to Deutsche Bank.