German bank Eurohypo said on Monday its board has given the green light to the acquisition of Hypothekenbank in Essen (Essen Hyp) from its parent company, Commerzbank, for an undisclosed amount. The bank said the decision represents 'a decisive step towards the merger of Essen Hyp and Eurohypo.' Commerzbank announced in November last year that it planned to merge newly-acquired Essen Hyp with its Eurohypo unit as it sought to strengthen its public finance business. The merger process is expected to be completed by the end of August 2008, with retroactive effect to 1 January 2008.
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