Deutsche Bank has confirmed it will sell its Dublin funds unit, an anchor tenant at the Irish Financial Services Centre (IFSC), as part of the worldwide disposal of a substantial tranche of its global securities business.
Deutsche, Germany's largest bank, also announced the closure of its commercial banking division Deutsche Bank/DB Ireland, with the loss of 14 jobs, as it moves to shore up a €181 million third-quarter deficit.
But Deutsche insists it is committed to maintaining a presence in the Republic and will create 60 positions over the next two years in an expansion of its cash clearing centre in Kilkenny, Finance Dublin magazine reports. The funds unit, which employs 350, is being sold to State Street as part of the $1.5 billion (€1.5 billion) deal that sees the Boston-based asset manager acquiring a significant portion of Deutsche's global securities interests, spokesman Mr William Hoffman told The Irish Times.Deutsche was shutting Deutsche Bank/DB Ireland, its IFSC-based lending unit, in a drive to cut risk-weighted assets globally and refocus on core business, he said. However, the bank's corporate services business, which employs 17 in the IFSC, has escaped the cull, and will continue to provide asset structuring products to an international customer base.
