Deutsche Bank sees progress toward IPO of asset management arm: memo – Reuters

ZURICH Deutsche Bank (DBKGn.DE) said that it is making progress in its planned partial initial public offering (IPO) of its asset management unit, according to a recent memo to staff.

Germany's largest lender announced its plans for a partial IPO of the unit in March as part of a broader restructuring of the bank reeling from law suits and trading scandals.

Nicolas Moreau, a board member who oversees Deutsche Asset Management, said in an email to staff seen by Reuters, that Swiss regulator FINMA had approved the establishment of Deutsche Asset Management (Schweiz) AG.

The new entity incorporates the existing Swiss asset management activities formerly part of Deutsche Bank (Suisse) S.A.

"We continue to make excellent progress with our IPO preparations and achieve notable milestones in our preparations," Moreau said in the note.

John Cryan, Deutsche's CEO, has said the bank would maintain a "controlling and super-majority stake" in the business.

The sale would take place at some point over the next two years, Deutsche said at the time, and could raise 2 billion euros ($2.3 billion).

Deutsche hopes that by giving its asset management unit more operational independence the unit will be more attractive to talent.

Deutsche Asset Management has more than 700 billion euros invested worldwide.

(Reporting by Oliver Hirt; Writing by Tom Sims; Editing by Elaine Hardcastle)

DUBLIN JPMorgan Chase & Co Chief Executive Jamie Dimon met Irish Prime Minister Leo Varadkar in Dublin on Thursday to discuss expansion in the Irish capital two months after the U.S. investment bank bought an office building in the city with room for 1,000 staff.

FRANKFURT Deutsche Bank is evaluating whether to move a large part of its securities trading business from London to Frankfurt or elsewhere in Europe as it prepares for Britain's exit from the European Union, a source told Reuters on Thursday.

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Deutsche Bank sees progress toward IPO of asset management arm: memo - Reuters