GLOBAL - Deutsche Bank has completed the $2.5bn acquisition of Zurich Scudder Investments (ZSI), the asset management division of Zurich Financial Services (ZFS).
Last December, Deutsche agreed to pay ZFS $2.5bn to acquire its fund management operations, with ZFS taking control of Deutsche’s insurance businesses. ZFS agreed to sell Deutsche its asset management businesses - with the exception of Threadneedle - in return for cash and Deutsche’s Italian, Portuguese and Spanish insurance businesses and Deutsche Herold.
Whilst the sale of Deutsche’s insurance operations is due to be completed within the next few days, ZFS said that the sale of its German and Italian fund management operations will be finalised during the second quarter. News of the completed sale comes as ZFS continues to dispose of assets, following its poor results for 2001. Last month, the firm announced that it had sold its Mexican pensions business to Principal Financial for an undisclosed sum, in order to focus on insurance.
Just hours after the sale of its Mexican business was announced, ZFS revealed that it was selling its East European operations to Generali. Generali is acquiring ZFS’ operations in Poland, Hungary, Slovakia and the Czech Republic for an unspecified sum.
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