Commerzbank Said to Seek Custody Business Sale, Fidelity Sues For Name Infringement

Bloomberg reports that the Frankfurt-based lender is working with UBS to help find buyers, said the people, who asked not to be identified because talks are private. The business is likely to attract strategic players already in that sector, said the people. The business may fetch more than $261m, they said.

Commerzbank, which may sell the business by the end of the first quarter, could also decide against a sale if the bids are deemed too low, said one of the people.

In the meantime, the news organisation reports that FIL Ltd., the holding firm of the Fidelity group of companies that manages $233bn of assets, has sued Singapore and Hong Kong companies for using the Fidelity name without its permission.

FIL accused Fidelity Trust & Wealth Pte in Singapore of using the name 'Fidelity' to take unfair advantage of the distinctiveness of the mark and said in a lawsuit filed at the Singapore High Court that it creates confusion. A closed hearing is scheduled for October 30th.

Commerzbank Said to Seek Custody Business Sale

Fidelity Sues Singapore, Hong Kong Firms for Infringement