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Deutsche Bank to expand investment banking in Russia

Deutsche Bank said Thursday it would expand its investment-banking operations in Russia, buying 40% of UFG Invest, a Russian funds company reports newswire dpa.

In a joint statement in Frankfurt and Moscow, they said the existing Deutsche funds company in Russia, DWS Investment Russia, would be merged with UFG Invest, but the announcement did not say when this would happen.

The cost of the Russia transaction was not disclosed. The statement described UFG Invest as one of the top 10 companies in investment banking in Russia with managed funds of €400 million ($570 million). (m&c.com)