Deutsche Bank Pushes Ahead With a $2.3 Billion Offering

Deutsche Bank AG expects to raise about 2 billion euros ($2.3 billion) from selling a quarter of its asset management business in an initial public offering, according to people familiar with the matter.

The partial offering would value the unit at about 8 billion euros and account for substantially all the capital the bank had expected to raise through asset sales under a turnaround plan unveiled in March. Germany’s largest bank will be the sole global coordinator, and plans to pick Barclays Plc, Citigroup Inc. and Credit Suisse Group AG as senior bookrunners, said the people, asking not to be identified because the sales process hasn’t been officially started.

“As we announced in March of this year, we aim to complete a partial IPO within 24 months,” Deutsche Bank said in a statement. “We plan to confirm the banking syndicate at the point in time we formally launch the IPO marketing process.”

Officials for Citigroup and Credit Suisse declined to comment. Barclays didn’t immediately return a call seeking comment.