Daily Management Review

Deutsche Bank sells assets for $ 51 billion to Goldman Sachs


Deutsche Bank sold a portfolio of securities with a face value of £ 40 billion ($ 51 billion) to Goldman Sachs, Bloomberg reports citing sources, and notes that the German bank got rid of assets that were unnecessary to it.

Thomas Wolf
Thomas Wolf
The subject of the transaction were debt securities of emerging markets. They were the balance sheet of the unit whose operations the bank was planning to curtail, the agency’s sources say.

Deutsche Bank is refusing those business lines in which it could not successfully compete with other banks. The reduction in assets on the balance sheet is one of the key moments of the business reorganization strategy, announced by the bank in July this year.

Goldman Sachs previously bought at least one set of securities for sale by Deutsche Bank. In September this year, an American investment bank acquired the Asian portion of its portfolio of derivatives for Deutsche Bank shares.

source: bloomberg.com