Deutsche Bank AG is exiting the New Zealand market as it agreed to sell its 49.9% stake in Craigs Investment Partners Ltd. back to the brokerage company's staff, The New Zealand Herald reported Dec. 20.

Craigs Investment Partners' staff will fully own the company after the completion of the deal, which is expected by February 2020, subject to relevant approvals, the report added.

The sale is part of Deutsche Bank's restructuring of its global business, and will mark the closing of the German lender's operations in New Zealand.