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Nippon Life to acquire 5% stake in Deutsche Bank unit and send representative to join new board

Kyodo

Nippon Life Insurance Co. said Monday it has inked a deal with Germany’s Deutsche Bank to acquire a 5 percent stake in the company’s asset management unit.

The Japanese life insurer, hoping to boost its asset management business, is expected to invest around ¥40 billion ($375 million) in DWS Group GmbH & Co., which is likely to undergo an initial public offering on March 23.

Nippon Life, which has been a shareholder of Deutsche Bank since 1989, said it will also send a representative to be part of the new board of the Frankfurt-based company.

DWS Group offers various investment services and has business operations in 40 countries. As of the end of 2017, the company held assets worth around ¥95 trillion.