Bizbits

Deutsche Bank sells Bankers Trust Australia

SYDNEY: Deutsche Bank AG agreed today to sell bankers trust Australia Ltd. to US financial services giant Principal Financial group for Aus 2.1 billion 1.35 billion.

The deal includes the sale of both BT funds management and BT8217;s investment bank and brings to an end a troubled three-month search for a buyer. quot;The principal strategy does not include long-term ownership of the investment banking business,quot; Principal said in a statement, with speculation that it will be sold on to Macquarie bank.

quot;Advanced discussions are underway with another party to conclude the sale of theinvestment bank,quot; Principal added, with managing director Rob Ferguson indicating at a press conference that the buyer would be announced next week. BT funds management is Australia8217;s second largest funds investment management business.