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Commerzbank to stop outsourcing securities settlement to HSBC By Reuters

© Reuters. FILE PHOTO: A company logo is pictured at the headquarters of Germany’s Commerzbank AG in Frankfurt, Germany, February 13, 2020. REUTERS/Ralph Orlowski/File Photo

FRANKFURT (Reuters) – Commerzbank (DE:) 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)

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