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Commerzbank will write off €200 million in the second quarter after deciding to abandon plans to outsource securities settlement to HSBC, citing “technical implementation risks”.

The German lender agreed a deal to move securities settlement to HSBC Transaction Services in 2017 but has now ended the project with immediate effect.

In addition to the write off, Commerzbank has set aside provisions in the double-digit millions.

Jörg Hessenmüller, COO, says: “After careful consideration, we have taken the decision to stop the outsourcing project owing to the high implementation risks.

“The significant growth in trading volume and the ongoing technological development are allowing us to continue securities settlement profitably.”

Source