The closure of the transaction is subject, among others, to regulatory approval
Deutsche Bank sells its Italian advisory unit. Source: shutterstock.com
Zurich Italy has announced the acquisition of the network of Financial Advisors of the Deutsche Bank Group in Italy.
The terms of the agreement provide for the transfer of a business unit consisting of 1085 Financial Advisors (March 2021), 97 employees and €16.5 billion of assets under management (March 2021).
The acquisition allows Zurich Italy to further develop its distribution network in the Italian market. It will focus on enhancing the field of financial and insurance consultancy. It also offers further growth potential to the already network led by Silvio Ruggiu.
The agreement enables Deutsche Bank to reposition its business in Italy by refocusing and reinvesting in areas where it can compete to win. For instance, as the house bank for family entrepreneurs, as the premium bank for affluent customers, and by leveraging its well-established consumer brands across digital channels.
We’ve reported that EVO Payments acquires UK-based omnichannel payment gateway.
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