Commerzbank pulls back from FX prime brokerage
German bank is the latest to retrench from the previously lucrative sector
Commerzbank has closed its foreign exchange prime brokerage (FX PB) business in an asset-reallocation exercise, according to a person familiar with the matter.
The German bank is the latest to step back from offering FX PB services since Rabobank's withdrawal earlier this year, followed by SEB's decision to stop accepting new PB clients.
The retrenchment from this previously lucrative sector comes as regulatory changes force banks to refocus resources on their core strengths.
Commerzbank will
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