Deutsche Bank - Germany's biggest private bank - is exploring the possibility of a distribution partnership with French insurer AXA, according to a report in today's Financial Times Deutschland.
Talks between the two groups have been held for some time at the highest level. There is still no certainty the talks would result in any concrete agreements, the newspaper added, without revealing its sources.
The newspaper said that banking sources were suggesting that the discussions with AXA could be a way of putting pressure on German insurance group Allianz.
Similar talks between Deutsche Bank and Allianz have been dragging on for months, with no sign of any progress.
FT Deutschland pointed to recent comments by Deutsche Bank chairman Mr Rolf Breuer who said that at least five big insurers in Europe were interested in a distribution partnership with the group's retail arm, Deutsche Bank 24.
For AXA a tie-up would provide an opportunity to expand its position in Germany, the newspaper said.
AFP
