Deutsche Bank today announced that as part of the Bank’s Strategy 2020 plan to rationalize its global footprint, it has entered into an agreement to sell its subsidiary (Deutsche Bank S.A.) in Argentina to Banco Comafi S.A. Deutsche Bank will continue to serve its clients in Argentina from global and regional hubs.
“The sale of our subsidiary in Argentina is another mark of the progress we have been making towards our Strategy 2020 goal of becoming simpler and more efficient,” said Karl von Rohr, Chief Administrative Officer, at Deutsche Bank who is accountable for the Global Footprint Rationalization Program on the Management Board. “I am pleased with the progress of the program to date. We are also well on track in executing our footprint rationalization plans in the other countries that were announced in October of last year.”
Sebastian Reynal, Chief Country Officer Argentina, added, “We are committed to serving our government, corporate and institutional clients in Argentina and will continue to remain active as we have been recently.”
The transaction is expected to close in the first half of 2017, subject to regulatory approvals and other customary conditions. Terms of the transaction were not disclosed.