Deutsche Bank, Germany’s largest lender, is putting its business with private customers in Spain up for sale as it continues to consolidate its activities, according to financial sources.
Deutsche has about 700,000 clients in Spain, mostly private customers. The sale, estimated to bring somewhere between €550 million and €750 million ($627 million and $855 million), involves 230 branches with 2,600 employees and assets of €15 billion.
The German bank’s activities in Spain are focused on private customer business and asset management. Deutsche’s corporate business and investment banking in Spain, as well as its business in Portugal, are not affected by the sale.