Commerzbank said in a statement that the parties agreed to maintain confidentiality about the details of the transaction.

Dresdner Bank Monaco was founded in 2006 and focuses on wealth management in Monaco, the south of France and northern Italy.

Commerzbank, which received state aid from the German government during the financial crisis, has been forced by the European Union to sell off certain non-core businesses as a condition of receiving the funds.

Last year, the Frankfurt-listed bank started with the disposal of non-German assets, selling for example its 74 per cent stake in Austria's Privatinvest Bank to Zuercher Kantonalbank. It also sold Kleinwort Benson, the UK private bank, to RHJ International, the Belgian financial services group, for £225 million ($362 million at the time of the announcement).

Dresdner Bank Monaco had €233 million in assets under management at the end of 2008 and 18 staff.

At the end of September 2009, Bank Audi sal’s consolidated assets were $24.7 billion. The bank is present in Switzerland, France, Jordan, Syria, Egypt, Sudan, Saudi Arabia, Qatar and Abu Dhabi.