18/03/2019
DWS draws interest from Allianz
Allianz SE is exploring the possibility of a combination of its asset management arm with Deutsche Bank AG’s DWS Group to create a national champion in active money management, according to Bloomberg which spoke with sources familiar with the matter. The Munich-based insurer is looking at the feasibility of a deal with Germany’s largest lender to create a business with €1.17trn($1.33trn) of assets under management, said the sourceswho asked not to be identified. Allianz’s deliberations are at an early stage and may not lead to any formal talks or agreement, they added. DWS is one of Deutsche Bank’s crown jewels and the lender is reluctant to sell its holding in the stock-listed unit, one of the sources said. Still, such a transaction could help Deutsche Bank finance a merger with Commerzbank AG. The lender would have to come up with about €8bnfor restructuring expenses and revaluation of certain assets should it decide to combine with its cross-town rival, according to Christian Koch, a DZ Bank analyst. DWS has a market cap of €5.6bn, valuing Deutsche Bank’s 78 percent stake at about €4.3bn.
