Germany's second biggest bank, Commerzbank, has confirmed it will sell Munich-based private banking unit Reuschel & Co Privatbankiers to Conrad Hinrich Donner Bank.

Hamburg-based Conrad Hinrich Donner Bank will buy Reuschel & Co for an undisclosed price. Achim Kassow, responsible for the private customer business at Commerzbank said: "Reuschel is valuable and occupies a prime position among German regional private banks. That is why we were soon able to find a solution which takes into consideration the interests of all parties involved."