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MONEY MANAGEMENT

Deutsche Bank plans to sell minority stake in money management unit through IPO

Deutsche Bank AG logo at one of the bank's branche

Deutsche Bank will sell a minority stake in its money management arm, Deutsche Asset Management, through an initial public offering in the next two years, said a Deutsche Bank spokesman.

The German bank intends to raise a combined €2 billion ($2.1 billion) from the IPO and a disposal of assets elsewhere in the group, Deutsche Bank said in a statement Sunday.

The spokesman said the bank first needs to create a separate legal entity for the money management business and will then proceed with the IPO. He said it has not yet been specified what proportion of the €2 billion will be achieved through the floating of the business.

With more than €700 billion in assets under management globally, Deutsche Asset Management's planned listing will take place in Germany and is expected to be completed within two years. Deutsche Bank will remain a majority stakeholder.

“Deutsche Asset Management should gain more operational independence through a partial IPO and be better positioned for growth,” the statement said.