Zurich Italy, part of Zurich Group (Zurich), has completed its acquisition of Deutsche Bank’s financial advisors business in an agreement signed in August 2021. It will now be known as Deutsche Bank Financial Advisors business by Zurich.
Through the mandate, Zurich will gain 1085 financial advisors, 96 employees and more than €16 billion AuM. Deutsche Bank will continue to provide banking services to Zurich Bank, while Zurich Italy will continue to distribute its insurance offer through Deutsche Bank.
Giovanni Guiliana, CEO of Zurich Italy, says: “The creation of Zurich Bank allows Zurich to further strengthen its presence in the Italian market, which remains a key country for the group. Zurich Bank's new network of financial advisors will contribute substantially to the further development of Zurich's distribution channels, which will now be able to count on two realities of excellence working in synergy: advisors for the financial side and agents for the insurance side."
Roberto Parazzini, chief country officer for Italy at Deutsche Bank, adds: “The closing of this transaction represents a new important step in the transformation and strategic re-focusing of Deutsche Bank's activities in Italy, in particular of the international private bank division, which is focusing its investments to become a reference bank for entrepreneurs and their families and a premium bank for affluent clients, while enhancing its already strong presence in the consumer credit and B2B services sectors."
