By Alberto Delclaux
Commerzbank AG (CBK.XE) said Thursday that it was transferring its securities settlement operations to a newly-created joint venture with HSBC Transaction Services GmbH.
Commerzbank will have a 20% stake in the joint venture, which will begin operations in early 2020 and will go on for an initial period of 10 years.
The bank said Commerzbank's 4.0 strategy, which aims to digitalize the bank and cut costs, accounts for investments and expected medium-term savings.
"The strategic partnership with HSBC for securities settlement ties in with both these aims. In the future, we will be using HSBC's state-of-the-art securities platform and achieving clear cost benefits," said Commerzbank Chief Operating Officer Frank Annuscheit.
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