Comdirect sells UK subsidiary to Lloyds TSB Group unit for 16.5 mln eur
FRANKFURT (AFX) - Commerzbank AG unit Comdirect Bank AG said it has agreed to sell its UK subsidiary, Comdirect Ltd, to a unit of Lloyds TSB Group PLC for 16.5 mln eur, as the German online banker shifts its strategy to focus exclusively on domestic clients.
Comdirect said the sale to the Lloyds unit, Execution Services Group Ltd, will take effect from the begining of July and that it will result in a gain of 2.4 mln eur in the company's annual result.
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