Beleaguered German property lender Hypo Real Estate Group has completed the sale of its Collineo Asset Management subsidiary to private bank group Sal. Oppenheim.

Hypo, which is under criminal investigation for insider trading during the global financial crisis, announced the sale of Collineo without disclosing any financial details. Collineo is based in Dortmund, Germany and employs 22 people

The bank said that the sale of Collineo - a financial services provider for structural financial products - ‘marked a further step in the process of focussing the group’s activities on its core expertise in the commercial real estate finance and public sector finance businesses’.

Hypo has also announced the resignation of Thomas Glynn from its management board.

Glynn, who was responsible for Hypo’s capital markets and asset management business, will continue to work as an executive director for Depfa bank in Ireland.

Kai Wilhelm Franzmeyer will assume Glynn’s group-wide responsibilities within the management board of Hypo Real Estate.

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