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Politics News


Deutsche Bank picks asset-management IPO bookrunners -source

Sat, 11th Nov 2017 15:43


FRANKFURT, Nov 11 (Reuters) - Deutsche Bank has selected Barclays, Citigroup and Credit Suisse as senior bookrunners for the initial public offering (IPO) of its asset-management arm, a source familiar with the matter told Reuters on Saturday.

A spokesman for Deutsche Asset Management declined to comment on the selection of bookrunners, which was first reported on Friday by Bloomberg.

Deutsche Bank, which will be the main bookrunner, said in March it planned to list the asset management arm, which could achieve a total valuation of around 8 billion euros ($9 billion), within two years as part of an overhaul following costly lawsuits and trading scandals.

It is expected to raise about 2 billion euros from listing about a quarter of the business.

The junior bookrunners helping to market the IPO to investors will be BNP Paribas, Unicredit, UBS, Morgan Stanley and ING.

"The decision in favour of these banks has already been taken," the person said. ($1 = 0.8574 euros) (Reporting by Andreas Framke; Editing by Georgina Prodhan and Alexander Smith)



(c) Copyright Thomson Reuters 2017. Click For Restrictions - http://about.reuters.com/fulllegal.asp


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