Deutsche Bank AG hopes the sale of a big chunk of its global asset management business will raise between 2 ($2.6 billion) and 3 billion euros, two sources close to the process said, as it quits an area in which it lacks scale to compete.Germany's biggest lender sent information on the assets up for sale to more than 30 possible buyers that have signalled interest, including banks and asset managers, the financial sources said on Friday, adding that non-binding offers were expected in January or February.Equinet analyst Philipp Haessler said in a note that a price of 2 billion euros would appear somewhat low but that "clearly, in the current market environment, no record prices will be paid for bank businesses".The units up for sale have roughly 400 billion euros in assets under management, the sources said, adding that Deutsche would prefer to sell all of the assets to a single buyer but was ready to consider divestments to separate bidders if that would fetch a higher price.
Deutsche Bank AG is a global investment bank. The Company offers a variety of investment, financial and related products and services to private individuals, corporate entities and institutional clients around the world. Shares of DB remained unchanged at $35.73. In the past year, the shares have traded as low as $28.57 and as high as $66.00. On average, 4120300 shares of DB exchange hands on a given day and today's volume is recorded at 4300.
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