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July 01, 2010

Commerzbank closes sale of Kleinwort Benson

As previously announced, Commerzbank has completed the sale of its Kleinwort Benson branded business to the financial holding company RHJ International. The corresponding regulatory authorities have approved the deal. The transaction comprises Kleinwort Benson Channel Islands Holding Limited and Kleinwort Benson Private Bank Limited, specializing in wealth management and fiduciary activities in Great Britain and on the Channel Islands. As at the end of 2009, both companies had wealth management assets under management totalling GBP 5.6 billion (EUR 6.3 billion) and more than 600 employees. Commerzbank's investment banking business which comprises both former Dresdner Kleinwort Investment Banking and Commerzbank Corporates & Markets remains unaffected by this transaction.