Deutsche Bank’s Mexican operations sold to Investabank
Deutsche Bank has sold its two Mexican units as part of an ongoing drive to flog non-core assets.
Investabank picked up Deutsche Bank Mexico and Deutsche Securities for an undisclosed amount – although it is looking to investors to provide 2.5bn pesos (£112m) to help fund the purchase. The deal is still subject to sign-off by Mexican regulators.
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The embattled German lender is facing the threat of $14bn (£11.5bn) of fines from the US Department of Justice over alleged activities within its mortgage-backed securities division.
Although the actual level of fines is anticipated to be considerably less, Deutsche Bank has been on a wider push to bolster its balance sheet through selling some of its non-core divisions.
Investabank was originally created in 2014 through the purchase of embattled British lender RBS's Mexican operations.