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Article: RUSSIA: DEUTSCHE BANK BUYS INTO UFG.(United Financial Group Inc.)(Deutsche Bank AG)
- Article from:
- IPR Strategic Business Information Database
- Article date:
- November 16, 2003
CopyrightCOPYRIGHT 2003 Info-Prod (Middle East) Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Germany's Deutsche Bank announced in a 3 November press release that it has reached an agreement in principle with United Financial Group (UFG) to acquire a 40 percent stake in the Russian financial services company. The two sides were silent on the size of the deal, although the "Financial Times" reported that the stake in Russia's fifth-largest brokerage by volume cost Deutsche Bank $70 million. The deal gives Deutsche Bank a head start on the inside track to Russia's fast-growing financial services market. Ilya Shcherbovich, UFG's president and the head of its investment-banking department, told "Vedomosti" on 3 November, "For all practical purposes, Deutsche Bank is ...