Deutsche Bank to sell asset management arm for $2.6bn

16 December 2011

Deutsche Bank has begun the process of finding a buyer for a significant proportion of its worldwide asset management business, it has emerged.

The German bank has sounded out a wide range of potential buyers who have previously expressed an interest for this area of its operation and is looking for a fee of around €2 billion ($2.6 billion) to complete a deal.

It is believed the lender - which is Germany's largest bank by assets - is willing to split the sale into separate parts if this results in it being able to raise more money.

Other financiers and asset managers are believed to be among those asked to consider making an offer and bids are expected to be made in the early stages of 2012.

Earlier this week, Bloomberg reported that many major banks across the eurozone are considering selling some of their most profitable businesses in order to boost their capital holdings ahead of next year's regulatory changes.

By Gary Cooper

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