Insurance giant Zurich has agreed to purchase the financial adviser network of Deutsche Bank Group in Italy for an undisclosed sum.
The deal, which is subject to regulatory approval, includes a transfer of a business unit consisting of 1,085 financial advisers, 97 employees and €16.5bn (£14bn, $19.5bn) of assets under management.
Zurich says the acquisition will help them “further develop its distribution network in the Italian market” and Deutsche Bank said it allows them “to reposition its business in Italy by refocusing and reinvesting in areas where it can compete to win”.
As a result of this transaction, clients will be able to access investment, insurance, banking and financial services from the partnership between Deutsche Bank and Zurich.
‘Multi-channel model’
Alessandro Castellano, chief executive of Zurich Italy, said: “We are pleased to announce the acquisition of the network of Deutsche Bank Financial Advisors in Italy. A further strengthening of our presence in the Italian market thanks to a network that excels in terms of expertise and presence on the territory.
“Valuable advisory is for us the key to the success of our business: the strong partnership with Deutsche Bank, which we have been working with for many years in Italy and globally, has allowed us to appreciate the value and expertise of its financial advisors, a landmark in the asset management sector.
“This acquisition is for us a significant step forward in a path of growth and continuous innovation and evolution of the business towards multi-channel model.”
Roberto Parazzini, Deutsche Bank chief country officer in Italy, said: “This transaction marks a significant milestone in the transformation of our business in Italy, where we are repositioning and reinvesting to grow.
“Deutsche Bank is focused on becoming the house of choice for family entrepreneurs, strengthening coverage of affluent customers and positioning our consumer brands for renewed growth.
“Already this year, we have increased our network of wealth relationship managers by around 30% to grow our wealth management offering. We are also investing in our business banking capabilities, leveraging our brands to develop a specialised service offering on our digital channels for both business and personal customers.”
