Deutsche Bank to close its brokerage unit in Poland: sources
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A statue is pictured next to the logo of Germany's Deutsche Bank in Frankfurt, Germany September 30, 2016. REUTERS/Kai Pfaffenbach/File Photo
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WARSAW (Reuters) - Deutsche Bank AG
The move follows ING's (NASDAQ: INGP) decision earlier this year to scale back its brokerage operations in Poland and Deutsche Bank has been looking at selling the whole of Deutsche Bank Polska as it sheds non-core assets to free up capital.
"The axe is coming for DB Securities this time," one of the sources said.
"They are closing down their brokerage unit here. But because they have retail clients they need to cooperate with the regulator KNF, as another brokerage has to take over their clients. They have already asked competitors about it," a second source said.
Another person said it was Deutsche that started a price war several years ago in Poland by cutting brokerage commissions by almost half. DB Securities has currently almost 30,000 accounts and is one of the smaller players in Poland.
Meanwhile the Polish stock market's main index <.WIG20> fell almost 6 percent this year, after an almost 20 percent loss in 2015 and market turnover fell to 161 billion zlotys ($39 billion) in the first 10 months of 2016 compared with 225 billion in the whole of 2015.
(Reporting by Marcin Goclowski and Agnieszka Barteczko in Warsaw and Arno Schuetze in Frankfurt; Editing by Greg Mahlich)
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