Swiss insurer Zurich and Germany's Deutsche Bank are ringing the changes in Italy.
The Italian unit of Swiss insurer Zurich will take over Deutsche Bank’s network of advisors in Italy, the companies said in a press release Thursday.
The terms of the agreement provide for the transfer of a business unit consisting of 1,085 financial advisors, 97 employees and 16.5 billion euros ($19.6 billion) of assets under management as of March 2021.
Zurich to Focus on Financial Advice
The acquisition would allow Zurich Italy to develop its Italian distribution network further, focusing on delivering excellence in the field of financial and insurance advice, backed by over 30 years of experience in the Italian market and characterized by strong growth in recent years, the companies said.
Deutsche to Play to Strengths
The agreement would also enable Deutsche Bank to reposition its business in Italy by refocusing and reinvesting in areas where it can compete to win: as a bank for family entrepreneurs, as a premium bank for affluent customers, and by leveraging its well-established consumer brands across digital channels.
Enhanced Range of Services
As a result of this transaction, clients would be able to enjoy enhanced benefits from the partnership between Deutsche Bank and Zurich, with an opportunity to access a more diverse range of investment, insurance, banking and financial services, the statement said.
The transaction is subject to regulatory approval.
