Deutsche Bank to Go Ahead With DWS IPO -- Update
(Adds statement from DWS chief executive in fourth and fifth grafs.)
By Pietro Lombardi
Deutsche Bank AG (DBK.XE) plans to go ahead with the listing of its asset-management business DWS at the earliest opportunity, it said Monday.
The German bank said it will offer existing shares in the unit and doesn't intend to issue new ones. It didn't say how much of the unit it intends to float.
The listing on the Frankfurt stock exchange will take place "in the earliest available window," Deutsche Bank said.
"The earliest available window objectively will be before Easter, but our timing will depend on market conditions," DWS Chief Executive Nicolas Moreau told Dow Jones Newswires.
"The demand for our shares is good, but we obviously can't comment on pricing yet," he said.
Last year, Deutsche Bank Chief Executive John Cryan said the bank intended to float a minority stake in DWS, its trophy asset-management unit. DWS has about 700 billion euros ($860.4 billion) in assets under management.
Write to Pietro Lombardi at firstname.lastname@example.org
Matthias Goldschmidt contributed to this article.
(END) Dow Jones Newswires
February 26, 2018 07:37 ET (12:37 GMT)Copyright (c) 2018 Dow Jones & Company, Inc.