Deutsche Bank presses ahead with listing of its asset management unit DWS
Frankfurt — Deutsche Bank said it would press ahead with listing its prized asset management arm DWS on Monday, nearly a year after first announcing plans to do so in an effort to regain investor support following many years of scandals and restructuring. A deal would help Deutsche CE John Cryan bolster the bank’s balance sheet and quell shareholder disquiet over the pace of its turnaround after a third consecutive annual loss, possibly opening the way to dividend payouts. Deutsche, which said in March 2017 that it would list a stake in DWS as part of a broader overhaul following costly lawsuits and trading scandals, is expected to sell 25% of existing shares for €1.5bn to €2bn, sources said last week. Germany’s biggest bank did not specify a date, but it said it would be coordinating the initial public offering. The IPO would likely take place in the week of March 19, the sources said, and had been brought forward hoping to lock in stock market valuations ahead of any correction. A...
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