Commerzbank is keen to buy HVB’s online broker unit DAB Bank and use the bank to expand its wealth management business, according to an inte...

Commerzbank is keen to buy HVB’s online broker unit DAB Bank and use the bank to expand its wealth management business, according to an interview with Commerzbank’s management board member Achim Kassow, in the German Die Welt newpaper. Mr Kassow was asked if Commerzbank's online broker Comdirect still wants to buy DAB Bank despite the fact that HVB wants to hold on to DAB. He said: “We are still prepared for talks. There is a clear strategic interest for us to grow in the private banking business and DAB Bank is an avenue for us.” He believes Commerzbank's asset management subsidiary Cominvest needs to be expanded and its brand re-positioned. He added that Cominvest needs to examine in which areas it needs to develop special knowledge on certain stocks or developing countries.