Deutsche Bank needs to boost its capital and may consider selling parts of the asset management division in a partial public offering, according to a report in Germany.
Deutsche Bank, Germany's largest bank, is preparing a partial public offering for its asset management division, Germany's «Handelsblatt» (behind paywall) reported last night. «A public offering of Deutsche Asset Management is being taken as a given» at the bank, the newspaper cited a fund expert of Deutsche as saying.
No Final Decision Has Been Taken
Another member of staff at the fund unit told the paper about «concrete preparations». The bank wasn't available for comment. The final decision for a partial public offering hadn't been taken and the supervisory board hadn't yet discussed the matter. Other options remain on the table.
Deutsche Bank Chief Executive Officer John Cryan last week told «CNBC» that asset management would remain a core business of the company, delivering a steady stream of reliable earnings and profit. The division has about 715 billion euros in assets under management. It is key in the bank's bid to boost revenue and play a role in boosting capital that's been eroded by misconduct charges, «Bloomberg» reported today.
