Phoenix Life Holdings acquires Abbey Life

Deutsche Bank has announced the sale of its Life insurance subsidiary Abbey to the British insurer Phoenix Life Holdings for an amount of 1.085 billion EUR (1.2 billion USD).

This transaction is part of a major restructuring campaign initiated by the German bank which, after a loss of 7 billion EUR in 2015 (7.6 billion USD), has planned to close 200 branches and cut about 9000 jobs.

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