Deutsche Bank to take NZ share
(12 February 2010 – New Zealand) The dynamics of the wholesale and retail investment banking industry could be set for a shake up if, German lender, Deutsche Bank purchases a stake in local share broking firm, Craigs Investment Partners.
Craigs Investment Partners, formerly known as ABN Amro Craigs, staff bought out the 50 percent stake in the firm that was previously held by ABN Amro last April, which was in turn owned by Royal Bank of Scotland (RBS).
Deutsche Bank is looking to acquire a 20 to 30 percent stake in the New Zealand’s largest independent investment firm, reported Business Scoop.
Robert Rankin recently told the Financial Times that the bank intended to aggressively expand its equity capital markets and merger advisory services in Asia in order to increase regional revenues above four billion euro (A$640 billion) by 2011.
If Deutsche Bank acquires the shareholding, Craigs’ investment bank would shut down, reported Business Scoop.
Deutsche Bank’s own investment bank would continue the operation and any money held by Craigs, from 60,000 clients, would not be affected.
Last week Craigs staff were briefed on the potential transaction and the ramifications should it go ahead.
Deutsche Bank is looking to acquire a 20 to 30 percent stake in the New Zealand’s largest independent investment firm, reported Business Scoop.
Robert Rankin recently told the Financial Times that the bank intended to aggressively expand its equity capital markets and merger advisory services in Asia in order to increase regional revenues above four billion euro (A$640 billion) by 2011.
If Deutsche Bank acquires the shareholding, Craigs’ investment bank would shut down, reported Business Scoop.
Deutsche Bank’s own investment bank would continue the operation and any money held by Craigs, from 60,000 clients, would not be affected.
Last week Craigs staff were briefed on the potential transaction and the ramifications should it go ahead.
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