Deutsche sells majority Sinius stake to Siemens
08 January 2003 | 3653 views | 0
Deutsche Bank has reduced its previous majority stake in IT services provider Sinius GmbH to 19.84% by selling another 50.16% to Siemens Business Services (SBS).
Sinius was spun off from the German bank as a wholly-owned subsidiary in August 2000 in an effort to offer its bank specific IT expertise to third party banks.
In February 2001, SBS acquired its first 30% stake in Sinius. With the latest transaction, Siemens' holding has grown to 80.16%.
Sinius is headquartered in Dusseldorf and maintains 24 offices across Germany with a total headcount of 1250.
Deutsche Bank says the firm will continue to be its preferred partner for decentralised IT services in Germany as well as centralised user help desk services.
Deutsche says the sale to Siemens is consistent with its strategy of concentrating on core businesses. Financial terms of the transaction were not disclosed.