BloombergDeutsche Bank AG plans to raise as much as 1.8 billion euros (US$2.2 billion) in an initial public offering (IPO) of its asset-management unit, a key pillar of the German lender’s turnaround strategy. Nippon Life Insurance Co agreed to acquire a 5 percent stake in DWS in the IPO at the issue price. The offering values the asset manager at 6 billion euros to 7.2 billion euros, with the first day of trading expected on March 23. That is in line with Amundi SA, which has twice the amount of assets and a market value of 13.7 billion euros. Deutsche Bank tried to sell much of the asset management unit in 2012, but stopped when it could not get enough money.

Source: Taipei Times March 12, 2018 15:56 UTC