Both banks are still awaiting the approval of the Monacan Regulatory Authorities to complete the transaction. "No additional details on the deal will be provided before receiving regulatory approvals," Audi said.

Freddi Baz, Audi's General Manager confirmed the news, but held confidentiality on its details. But he was confident that Audi will get the deal. 

Dresdner Monaco is a subsidiary of Dresdner Bank Luxembourg S.A., which merged into Commerz Bank in May 2009.

It was founded in 2006 and focuses on private wealth management in Monaco, the South of France and Northern Italy. At the end of 2008, its assets reached $335 million and its staff included 18 employees.

Audi is the second private Arab bank in Switzerland in terms of assets under management.

The sale of Dresender Monaco is one of a series of divestments made by Commerzbank in recent months,  as part of its plans to focus on its core market in order to meet conditions set by the European Union for it to benefit from from a governmental aid..