Report Deutsche Bank Seeks to Divest Stake in Gerling

March 14, 2002

A report in the German edition of the Financial Times states that Deutsche Bank (DB) is seeking to find a way to divest its 34.5 percent stake in Gerling Global, as a result of the company’s large reinsurance losses.

Gerling announced yesterday that the losses, mainly from the Sept. 11 attacks, amount to € 500 million ($439 million) and DB was required to make an emergency capital injection of € 300 million ($263.4 million) to cover them, according to the FT.

As a result DB’s CEO Rolf Breuer reportedly is looking for ways to unload an investment that the FT calls “expensive and unprofitable.”|”report, deutsche, bank, seeks, divest, stake, in, gerling

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