Deutsche Bank will have an option to increase the stake to 100 percent in the future, the Frankfurt-based lender said in an e-mailed statement today. The German company will combine UFG Invest with the Russian unit of its DWS Investments division. UFG Invest, which belongs to UFG Asset Management, oversees assets of more than 400 million euros ($559 million).
Deutsche Bank in 2005 gained full control of Russian broker United Financial Group from owners and founders including Boris Fyodorov, a former Russian finance minister. The bank is among foreign lenders such as Societe Generale SA and Raiffeisen International Bank AG that have invested in financial companies in Russia, where the economy may grow 7.8 percent this year, according to the Economy Ministry…Source:
http://www.opalesque.com/AMB2008/46956Deutsche_Bank_to_buy_stake_in_Russian.html
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