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Deutsche Bank To Sell Its Abbey Life Business To Phoenix Life - Quick Facts

Deutsche Bank (DB) announced it has reached an agreement with Phoenix Life Holdings Limited, a subsidiary of Phoenix Group Holdings Limited, to sell its Abbey Life business for 935 million pounds. Deutsche Bank noted that the transaction will result in an expected pre-tax loss of approximately 800 million euros, primarily resulting from impairment of goodwill and intangible assets.

John Cryan, CEO of Deutsche Bank, said: "Deutsche Asset Management will continue to focus on its core businesses of Active, Passive and Alternatives, while this transaction will also strengthen Deutsche Bank's capital position. We continue to build a simpler and better Deutsche Bank."

Deutsche Bank said the sale will have a net positive capital impact upon closing of the transaction and, on a pro-forma basis, would have improved Deutsche Bank's Common Equity Tier 1 capital ratio as of 30 June 2016 by approximately 10 basis points.

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