Deutsche Bank Sells Services Unit for $1.5 Billion | Business| Economy and finance news from a German perspective | DW | 05.11.2002
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Deutsche Bank Sells Services Unit for $1.5 Billion

Deutsche Bank on Tuesday signaled its intent to sell its securities-lending and record-keeping business to State Street Corp., an American financial services provider, in a deal worth as much as $1.5 billion (1.49 billion euro). State Street is expected to absorb the 3,200 employed by the units of Deutsche Bank's Global Securities Services affected by the deal.

In a separate deal, Deutsche Bank announced the sale of 10 million shares in German tiremaker Continental, marking a complete withdrawal of its 7.5 percent stake in the company. The sale is expected to bring troubled Deutsche Bank around 140 million euros and represents another step in the German financial giant's strategy of eliminating all of its industrial holdings. Deutsche Bank's only remaining major holding now in a manufacturer is in automaker DaimlerChrysler.