Commerzbank Offloads Singapore Business To Trident Trust

Vanessa Doctor

1 June 2010

Commerzbank has agreed to sell its Singapore subsidiary to Trident Trust Group.

Commerzbank International Trust Singapore specialises in fund management and trust services for private and corporate clients. Details of the sale were not disclosed, although the company said it will not affect its other businesses in Singapore.

"The acquisition will help expand our Group's presence in Singapore and add to the range of services that we are able to offer our clients worldwide," said Markus Grossmann, the managing director of Trident Trust's Singapore operations, in a statement.

Trident Trust has 27 offices in 21 jurisdictions.

The deal is subject to regulatory approval.