…By Joseph Benjamin for TDPel Media.
Deutsche Bank, the largest bank in Germany, has announced plans to acquire UK-based investment bank and stockbroker, Numis Corporation, for £410m.
The acquisition will allow Deutsche Bank to strengthen its relationship with London’s major firms and deepen its engagement with UK corporations.
Fabrizio Campelli, head of corporate bank and investment bank at Deutsche Bank, stated that the two companies share a strong and complementary cultural alignment, adding that the acquisition is expected to result in the delivery of exceptional client service.
The bank also stated that it aims to grow its UK footprint, and the acquisition is not driven by headcount reductions.
However, the bank cautioned that job losses could occur, albeit a small number that is not expected to be significant.
Numis is valued at £410m and offers its services to 64 FTSE 350 companies.
While this acquisition may lead to fears of job losses in the city, Deutsche Bank has indicated that it aims to grow its UK footprint rather than cut jobs.
However, it could not rule out a small number of job losses due to the strategic plans of the combined franchises, natural attrition, or any required consultation with employees or their representatives.
This acquisition is an attempt by Deutsche Bank to strengthen its presence in the UK and establish a closer relationship with London’s major firms.
The acquisition of Numis is an opportunity for Deutsche Bank to enhance revenue opportunities across shared client bases and deepen its engagement with UK corporations.
While this move is likely to raise concerns about job losses, Deutsche Bank has stated that the acquisition is intended to expand its UK footprint, and job cuts are not expected to be significant.