Deutsche Bank sells stake in Malaysian futures brokerage
On July 27, Deutsche Bank completed the sale of its 27% stake in Kenanga Deutsche Futures, a joint venture with Malaysia's Kenanga Investment Bank that was set up more than two decades ago. The brokerage, which is a member of Bursa Malaysia's futures exchange and clearinghouse, changed its name to Kenanga Futures and will now be under the full control of the Malaysian investment bank. Deutsche's exit from Kenanga was set in motion in 2015, when it sold part of its stake in Kenanga to Japan's Tokai Tokyo Financial Holdings, and fits into a larger strategy of optimizing its capital structure by reducing minority investments.
