(Updates with shares in final paragraph.)
June 12 (Bloomberg) -- Commerzbank AG, Germany’s second- biggest lender, is moving its mergers and acquisitions operations from the U.K. to focus on German clients, according to three people with knowledge of the matter.
Most of the M&A team of about 10 people will be relocated and the head of U.K. deals, Rosalind Hedley-Miller, is retiring said two of the people, who asked not to be identified because the announcement hasn’t been made official. A representative for Frankfurt-based Commerzbank declined to comment.
Commerzbank has offered alternative jobs to the U.K. team, the people said. Two are planning to go to New York, a similar number may relocate to Hong Kong, and most of the others will move to Frankfurt, the people said. The move will allow the bank to advise clients in China and the U.S. seeking acquisitions in Germany, they said. Some of the U.K. bankers may decide to leave the bank, one of the people said.
Commerzbank, which is cutting 160 billion euros ($217 billion) of unwanted assets while investing to attain new German clients, has more than 40 percent of German companies as customers.
Commerzbank closed up 0.7 percent at 12.50 euros in Frankfurt trading. The shares have gained 6.7 percent this year.