Commerzbank continues to dispose of its non-German assets. Yesterday, the Frankfurt-listed bank announced it will sell its 74 per cent stake in Austria's Privatinvest Bank to Zuercher Kantonalbank for an undisclosed sum.

The disposal is subject to regulatory approval, Commerzbank said in a statement.

The bank is shedding non-German assets as a condition, under European Union laws, of receiving state aid from the German government. Among recent disposals has been its sale of Kleinwort Benson, the UK private bank that it acquired when it bought Dresdner Kleinwort from Allianz about a year ago.

Salzburg-based Privatinvest focuses on private banking, wealth management and securities trading, and had around €600 million (around $889 million) in assets under management at the end of June.

The activities of the Vienna branch of Commerzbank AG Frankfurt will remain unaffected by the transaction, the statement said.