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Market Update

Deutsche Bank to Close Russia Unit, Worldpay IPO to Raises 890 M

Author: Nigel Thomas
Last Update: 12:54 PM ET September 18 2015

4:00 PM Frankfurt Deutsche Bank plans to close its corporate banking and security operations in Russia. India Capital Growth Fund profit in the first-half tumbled. Worldpay plans to launch initial public offering to raise 890 million.

In London trading, FTSE 100 index slipped 76.86 or 1.2% to 6,110.13 and in Frankfurt the DAX index slumped 303.61 or 2.9% to 9,930.63.

In Paris, CAC 40 index declined 131.63 or 2.8% to 4,525.78.

For the week, FTSE 100 index slid 0.1% and the DAX index dropped 2% and the CAC 40 index slipped 0.5%.

Deutsche Bank AG declined 4.2% to 25.25 after the Germany-based bank said it will close its corporate banking and security operations in Russia.

The new co-chief executive, John Cryan, is looking to reshape operations and said its other operations in Russia will remain as it is.

India Capital Growth Fund Ltd slid 0.6% to 59.50 pence after the closed-ended investment company, said profit in the first-half tumbled to 2.66 million compared to 10.23 million and earnings per share declined 3.53 pence from 13.64 pence in a year ago period.

Origin Enterprises Plc gained 1.5% to 7.51 after the Ireland-based food and agribusiness group completed the acquisition of Romania-based Redoxim SRL for a total cash consideration of 35 million.

The company also agreed to acquire Comfert SRL for an enterprise value of 19.4 million.

Worldpay Group Plc, the U.K.-based payment processor plans to launch an initial public offering to raise 890 million or about $1.4 billion and list on London Stock Exchange in next month.

The company plans to sell about 25% of outstanding shares. The private equity firms Advent International and Bain Capital are largest two shareholders in the company.

Worldpay reported net revenue in the first-half ending in June of 465.7 million and 863.4 million in 2014.

Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc