Deutsche Bank to Go Ahead With DWS IPO
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 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, subject to market conditions," Deutsche Bank said.
Last year, 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 email@example.com
Corrections & Amplifications
This article was corrected at 0908 GMT because the original misstated the dollar conversion figure as $860.4 million the fourth paragraph. The dollar conversion for EUR700 billion is $860.4 billion, not $860.4 million.
(END) Dow Jones Newswires
February 26, 2018 02:30 ET (07:30 GMT)Copyright (c) 2018 Dow Jones & Company, Inc.