• 3,000 firms
  • Independent
  • Trusted
Save up to 70% on staff

News » Commerzbank to stop outsourcing project with HSBC

Commerzbank to stop outsourcing project with HSBC

Commerzbank to stop outsourcing project with HSBC

German banking firm Commerzbank AG announced its decision to end the project for outsourcing securities settlement with financial service company HSBC Transaction Services GmbH because of “technical implementation risks and changed market conditions.”

According to Commerzbank, the transfer of positions to the systems of HSBC for the middle of 2021 will not be carried out. Already transferred master data and tax statements relating to securities business are to be returned to the bank by early 2022. 

Due to this, Commerzbank is expecting an exceptional write-off of an estimated 200 million euros (approximately US$ 235 million) in the second quarter of 2021.

Commerzbank said that they will reduce complications in the aftermath of this transformation and will prioritize the modernization of their own system landscape. 

Read more here.

Start your
journey today

  • Independent
  • Free
  • Transparent

About OA

Outsource Accelerator is the trusted source of independent information, advisory and expert implementation of Business Process Outsourcing (BPO)

The #1 outsourcing authority

Outsource Accelerator offers the world’s leading aggregator marketplace for outsourcing. It specifically provides the conduit between Philippines outsourcing suppliers and the businesses – clients – across the globe.

The Outsource Accelerator website has over 5,000 articles, 350+ podcast episodes, and a comprehensive directory with 900+ BPO companies… all designed to make it easier for clients to learn about – and engage with – outsourcing.

About Derek Gallimore

Derek Gallimore has been in business for 20 years, outsourcing for over eight years, and has been living in Manila (the heart of global outsourcing) since 2014. Derek is the founder and CEO of Outsource Accelerator, and is regarded as a leading expert on all things outsourcing.

“Excellent service for outsourcing advice and expertise for my business.”

Learn more
Banner Image
Get 3 Free Quotes Verified Outsourcing Suppliers
3,000 firms.Just 2 minutes to complete.
SAVE UP TO
70% ON STAFF COSTS
Learn more

Connect with over 3,000 outsourcing services providers.

Banner Image

Transform your business with skilled offshore talent.

  • 3,000 firms
  • Simple
  • Transparent
Banner Image