Erste Abwicklungsanstalt unit Erste Financial Services GmbH agreed to outsource its services to IBM Deutschland GmbH and spin off most of the services it provides.
The agreement involves IBM taking 300 of Erste Financial Services staff in Dusseldorf and London, as well as providing operational and IT services for loans, securities and derivative portfolios to Erste Abwicklungsanstalt, according a Dec. 4 press release.
Additionally, Erste Abwicklungsanstalt completed the sale of EAA Portfolio Advisers GmbH to Mount Street Group LLP, following regulatory approval. EAA Portfolio Advisers is now Mount Street Portfolio Advisers as a result of the deal, which entailed the transfer of EAA Portfolio Advisers shares and 75 staff to Mount Street Group.
Erste Financial Services, the erstwhile Portigon Financial Services GmbH, was transferred to Erste Abwicklungsanstalt in 2016 by Portigon AG.
However, Erste Financial Services and Mount Street Portfolio Advisers will continue to provide services to Erste Abwicklungsanstalt until 2020.
Erste Abwicklungsanstalt is the bad bank of Portigon AG, the former WestLB.