Wednesday 30, May 2018 by Kudakwashe

Deutsche Bank looking to sell stake in Dubai-based Abraaj

Deutsche Bank is looking at selling its small stake in Dubai-based Abraaj, the embattled private equity firm involved in a row over alleged misuse of investor money.

  

Deutsche Bank is looking at selling its small stake in Dubai-based Abraaj, the embattled private equity firm involved in a row over alleged misuse of investor money.

The potential sale, which the German bank has been considering for some time, has become more urgent since Abraaj, the Middle East and Africa’s biggest private equity fund, has been locked in a dispute with investors, said the sources.

Deutsche, which is undergoing a restructuring and said last week it plans to cut at least 7,000 jobs worldwide, has an 8.8 per cent stake in Abraaj Holdings, according to the bank’s latest annual report, Reuters reported.

Deutsche considers its share in Abraaj as a non-core asset.

As part of a global scaling back of its equities business, Germany’s largest lender has cut eight positions within its equities research team in Dubai as it moves to close the unit. The restructuring process added more urgency to the plan to get rid of its stake in Abraaj.

 

Features & Analyses

Wealth Management Why is there no inflation?

  Mark Burgess, Deputy Global CIO & CIO, EMEA, Columbia Threadneedle Investments, writes about one of the biggest questions… read more