BERLIN – Deutsche Bank shares have stabilized after the lender announced it had concluded the sale of a life insurance subsidiary, which appeared to ease some investor concerns over its finances.
Deutsche Bank said Wednesday that it would sell its Abby Life business to Phoenix Life Holdings Limited, both U.K.-based, for 935 million pounds (1.09 billion euros) subject to regulatory approval.
Deutsche Bank CEO John Cryan says the deal strengthens the bank’s capital position. Concerns over the bank’s health have grown after it emerged U.S. authorities were seeking $14 billion to settle legal claims.
Cryan said: “We continue to build a simpler and better Deutsche Bank.”
Shares were up 0.4 per cent to 10.68 euros in midday trading following the announcement. They are down some 55 per cent for the year.