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Commerzbank, HSBC unit enter strategic partnership

Commerzbank AG and HSBC Holdings Plc unit HSBC Transaction Services GmbH entered into a strategic partnership that will see Commerzbank transfer its securities settlement business processes to a joint venture to be set up by both companies.

The partnership will be effective for an initial period of 10 years, with Commerzbank to hold a 20% minority stake in the joint venture.

The new company is expected to begin operations in early 2020, at which time both partners are expected to have put in place the technical framework for the data transfer, Commerzbank said Dec. 7, adding that the investments and expected medium-term savings from the deal are fully accounted for in its Commerzbank 4.0 strategy.

Commerzbank and HSBC Transaction Services will begin an intensive testing phase in 2018 to ensure a smooth transfer.