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Deutsche Bank: confirms IPO plans for asset management unit

(CercleFinance.com) - On Monday German banking giant Deutsche Bank confirmed its plans to float its asset management unit DWS.

Deutsche Bank announced its intention to proceed with the planned IPO of the division on the Frankfurt Stock Exchange, "in the earliest available window, subject to market conditions."

The planned IPO is expected to consist purely of the sale of the existing shares that are indirectly held by Deutsche Bank, the group said.

The transaction is intended to improve DWS' profile through greater visibility and brand recognition, supporting the its product distribution, Deutsche Bank said.

After the separation, Deutsche Bank plans to remain a major long-term distribution partner for DWS as part of a 10-year agreement.

DWS has approximately 700 billion euros of assets under management and is present in 22 countries.

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