M and A
Deutsche Bank To Sell Off Its Private Banking Operation In Poland
The potential financial terms of the deal were not disclosed.
Deutsche Bank
AG has entered into an agreement to sell its local
private and commercial banking business in Poland, together with
DB Securities SA, to Polish banking group Bank Zachodni
WBK, which is part of the Santander Group.
The transaction remains subject to all the required approvals of
the Polish FSA, other regulatory approvals, corporate consents
and other conditions. The banks are hoping to complete the deal
in the fourth quarter of 2018. The retail mortgage
portfolio denominated in foreign currency is excluded from the
transaction, Deutsche Bank said in a statement.
Deutsche Bank Polska will remain committed to the existing
businesses outside of PCB in Poland, namely its corporate and
investment bank business, including global transaction banking
and will continue to provide banking services to Polish and
international corporate clients, financial institutions and
government agencies. The transaction is in line with
Deutsche’s long term plan to “sharpen its focus and reduce
complexity”.
The German lender said that it will work in partnership with its
clients, regulators, employees and other stakeholders to ensure a
smooth transition, and “in other regions, the private and
commercial bank continues to be a core business area for Deutsche
Bank”.
A spokesperson for the Deutsche Bank declined to comment, when
this publication asked about potential redundancies and the
number of employees moving over to Bank Zachodni WBK.
The potential financial terms of the deal were not disclosed.
In June, this publication
reported that Deutsche Bank said it would create 100 new
client-facing jobs in wealth management globally in a bid to
improve customer services.
