Deutsche Bank to sell its life insurance company in Italy, DWS Vita, to Zurich
Finanza & Futuro Banca and Zurich to enter into a long-term distribution agreement
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
Deutsche Bank is a leading global investment bank with a strong and profitable private clients franchise. A leader in Germany and Europe, the bank is continuously growing in North America, Asia and key emerging markets. With 77,920 employees in 75 countries, Deutsche Bank offers unparalleled financial services throughout the world. The bank competes to be the leading global provider of financial solutions for demanding clients creating exceptional value for its shareholders and people.