FRANKFURT (dpa-AFX) - Commerzbank AG (CRZBY.PK) said that it decided to end the project for outsourcing securities settlement to HSBC Transaction Services GmbH, due to technical implementation risks and changed market conditions.
Due to the project stop, Commerzbank anticipates an exceptional write-off of around 200 million euros in the second quarter of 2021.
Commerzbank reduces complexity in its transformation and will firstly continue to modernise its own system landscape. The IT delivery organization of Commerzbank introduced two years ago will make an important contribution to this. As part of its strategy 2024, the Bank has created a Key Area for Securities & Brokerage.
According to Commerzbank, the transfer of positions to the systems of the subsidiary company of HSBC planned for the middle of 2021 will not be carried out. Master data already transferred and tax statements relating to securities business are to be transferred back to Commerzbank by the beginning of 2022. Client business will not be affected by this.
Copyright RTT News/dpa-AFX
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