Deutsche Bank Luxembourg S.A. has sold its shareholding of 28.95% (including shares held by Deutsche Bank Saar AG) in Banque de Luxembourg S.A. With 71.05%, CrÃ¨dit Industriel de l`Alsace et de Lorraine (CIAL), a subsidiary of CIC, is the majority shareholder of Banque de Luxembourg S.A. CICÂ's parent holding company is Banque FÃ©dÃ¨rative du CrÃ¨dit Mutuel, which is the buyer of the entire share package. Confidentiality on the purchase price has been agreed.
With this transaction, Deutsche Bank AG is taking another step in implementing the announced reduction of its Group shareholdings. Deutsche Bank intends to maintain and expand its good business relationship with Banque de Luxembourg.
The focus of business of Banque de Luxembourg S.A., which has been based in Luxembourg since 1920, is in retail banking and asset management. The bankÂ's net income reported for the financial year 2001 was EUR 52 million.
(source: Deutsche Bank)