- For the fourth quarter, Deutsche Bank ( NYSE: DB ) is looking to book a capital gain of over 300M euros (US$292M) after finishing the sale of its Italian financial advisory unit to Zurich Insurance Group ( OTCQX:ZURVY ), Bloomberg reported Monday, citing people with knowledge on the matter.
- The German lender said earlier that it completed the sale of its Deutsche Bank Financial Advisors business, which consisted of more than 16B euros in assets under management and 1,085 financial advisors, according to a release . Financial terms of the agreement were not disclosed.
- Nevertheless, the partnership between the two institutions will keep going, with Deutsche Bank ( DB ) providing banking products and services to Zurich Bank, and Zurich Italy continuing to distribute its insurance offering through DB branches.
- Deutsche Bank ( DB ) CFO James von Moltke recently talked about the lender's weakness in advisory and origination so far this quarter.
- Last week, (Oct. 12) Deutsche Bank credit rating raised at Moody's on prospects for lending returns .
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Deutsche Bank will reportedly book $292M capital gain from Italy-network sale