The move will increase Commerzbank’s stake in the German online bank from a reported 58.56% to nearly 80%.
Commerzbank is said to be allowing Comdirect to operate as an independent company under its own brand name while operating within its own group.
The free float of Comdirect bank will remain unchanged at around 20%, while the shares will be acquired at a price near the stock market price.
The transaction is expected to be completed within the next two days.
