The European Commission has approved the complex series of deals between Zurich Financial Services and Germany’s Deutsche Bank first announced last September.
Under the terms of their agreement Zurich will acquire a 75.9 percent stake in DB’s insurance arm Deutscher Herold Group, while DB will take over 100 percent ownership of Zurich Scudder Investments, except for Threadneedle Investments in the U.K.
The deal also includes mutual cooperation agreements for the distribution of insurance products, asset management, banking and financial services. Zurich will become the exclusive insurance provider through dB branches, and dB will have exclusive rights to offer its service to Zurich’s customers.
According to most analysts the deal would give Zurich a much-needed boost, and will make DB the world’s fourth largest asset manager with around $880 billion under management.
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