Deutsche Bank (XETRA: DBKGn.DE / NYSE: DB) today announced that it entered into definitive agreements for the sale of DWS Vita SpA, an Italian life insurance company, to Zurich Financial Services Group (“Zurich”).
DWS Vita SpA has technical reserves in excess of EUR 1.0 bn and mainly distributes its life insurance products through Finanza & Futuro Banca SpA (“Finanza & Futuro”), Deutsche Bank’s network of financial advisors in Italy. The purchase price amounts to approximately EUR 100 mn. Finanza & Futuro will enter into a long-term agreement with Zurich for the distribution of life insurance products.
Through this transaction, Deutsche Bank and Zurich are strengthening their global partnership with an additional distribution channel in Italy. Zurich has been distributing its life insurance products through Deutsche Bank’s branches in Italy, for the past five years.
Subject to the approval of the relevant insurance regulatory and antitrust authorities, the transaction is expected to become effective in the first half of 2008.
For further information:
Communications, Italy – Press Office & Media Relations
Phone: +39 02 4024 2299
Phone: +39 02 4024 3379
About Deutsche Bank
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