Commerzbank to stop outsourcing securities settlement to HSBC

By:  Reuters
10:09 07/22/2021

FRANKFURT (Reuters) - Commerzbank said on Thursday that it would stop a project to outsource securities settlement to HSBC and as a result write off 200 million euros ($236.22 million) in the second quarter.

It has also set aside a provision of a double-digit million euro amount.

($1 = 0.8467 euros)

(Reporting by Tom Sims and Patricia Uhlig)

This article has been provided by a DearWallstreet contributor. All content submitted by this author represent their personal opinions, and should be considered as such for entertainment purpose only. All opinions expressed are those of the writer, and may not necessarily represent fact, opinions, or bias of DearWallstreet.