The IPO, which has been put back to 2018, could raise around $2.35 billion.
Deutsche Bank has asked banks to pitch for work on the initial public offering of its asset management business that could raise around €2 billion ($2.35 billion), according to media reports. Deutsche Bank declined to comment to this publication when questioned on the matter.
This publication reported in March that the bank was to partially list its asset management arm and revamp its business model in a bid to recover and reinvent itself. Deutsche’s strategic overhaul is part of a drive to draw a line under a string of scandals, litigation and compliance battles that have dented its balance sheet for the past five years.
Reports said sources say requests to pitch for roles such as global coordinator were sent out on Monday. They also added that Deutsche Bank is likely to act as the main organiser of the IPO itself but wants help to market the shares.
The bank is reportedly set to start meeting with the representatives of other investment banks in the coming days to hear their views on the business.
Banks are being asked to give their concerns over the business on equity investors, valuation method, timing of the deal and potential buyers of the stock.
Chief executive of the bank, John Cryan, had previously said the bank would maintain a “controlling and super-majority stake” in the business.
According to Reuters, Deutsche Bank pushed the IPO back into the first half of 2018, wanting more time to refine and sell the business’s strategy to potential buyers of the stock, as investors want to focus on the firm’s passive investments and exchange-traded funds.
Deutsche Asset Management has more than €700 billion ($797.1 billion) invested worldwide.