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.
