Deutsche Bank has entered into definitive agreements for the sale of DWS Vita SpA, an Italian life insurance company, to Zurich Financial Services Group.
DWS Vita SpA has technical reserves in excess of 1 billion and mainly distributes its life insurance products through Finanza & Futuro Banca SpA, Deutsche Bank’s network of financial advisors in Italy.
The purchase price amounts to approximately 100 million. Finanza & Futuro will enter into a long-term agreement with Zurich for the distribution of life insurance products.
As a result of this transaction, Deutsche Bank and Zurich will tighten their global grip with an additional distribution channel in Italy. Zurich has been distributing its life insurance products through Deutsche Bank’s branches in Italy, for the past five years.
Subject to the approval of the relevant insurance regulatory and antitrust authorities, the transaction is expected to become effective in the first half of 2008.