Commerzbank, which has been spinning off non-German assets as part of a European Union requirement for receiving public funds, is selling two Belgian private banking units in a management buyout deal.

The Frankfurt-listed bank is selling Dresdner Van Moer Courtens and the Belgian branch of its subsidiary Commerzbank International SA Luxembourg, which focuses on private banking, to members of the management, it said in a statement.

The transaction is subject to regulatory approval. Terms of the deal were not disclosed.

Dresdner Van Moer Courtens was founded in 2008 as a subsidiary of Dresdner Bank Luxembourg SA through the merger of asset managers Damien Courtens and Van Moer Santerre. It concentrates on wealthy private clients and securities trading.

Meanwhile, the Belgian branch of Commerzbank International was opened in 2006. At the end of 2008 both institutions together managed assets in the volume of €615 million and employed 48 staff.

Commerzbank has already spun off a number of assets. Earlier this month, Swiss-based Vontobel Group said it had completed the acquisition of the Swiss unit of Germany’s Commerzbank, initially announced in July.

LGT Group, the Liechtenstein-based wealth manager, is to buy Dresdner Bank (Switzerland) from Commerzbank, which has also put its UK wealth management business, Kleinwort Benson, up for sale.