Deutsche Bank AG is planning to off-load its whole $3 billion portfolio of non-investment-grade energy loans and has marketed it to North American and European peers, Bloomberg News reported, citing people with knowledge of the matter.
The portfolio, which the German lender wants to dispose of as a whole, is expected to sell for par value, the people said, adding that the bank's energy business is set to close June 30.
The move is part of cuts earlier outlined by Deutsche Bank CEO Christian Sewing in a bid to restructure the lender's global investment banking operations, the news agency noted.
