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Business

Commerzbank Sells U.S. Subsidiary

Commerzbank, Germany’s third largest bank, sold 85 percent of its U.S. subsidiary Montgomery to the American financial services group, Wells Fargo & Company based in San Francisco on Friday. Commerzbank bought the Montgomery Asset Management group in 1997 for 250 million euro ($250 million). The price of the sale has not been disclosed. Montgomery Asset Management which manages assets worth 5.8 billion euro ($ 5.8 billion) has announced that it wants to concentrate on asset management in Europe in future. The Commerzbank will be managing funds of about 100 billion euro after the sale of its U.S. subsidiary.