Frankfurt - Germany's Commerzbank said Friday it was selling a Munich private banking unit, Reuschel, to the German insurance group Signal-Iduna for an undisclosed price.

Reuschel provides banking services to the very rich.

A day earlier, Commerzbank, which is effectively under state control, announced it was selling its Swiss business to the Vontobel Group.

The disposals are required by the European Union as a condition for state aid. Brussels said Commerzbank, one of Germany's main commercial banking groups, must withdraw to its core business.(dpa)