However, the terms of the transaction were not disclosed.
The bank said that the move to sell Deutsche Bank Mexico and Deutsche Securities is part of its Strategy 2020 plan to rationalize its global footprint.
The transaction is expected to close in 2017, subject to regulatory approvals and other customary conditions.
The banking giant will centralize its Mexican Global Markets and Corporate & Investment Banking coverage function in its global hubs.
Deutsche Bank chief administrative officer Karl von Rohr said: “Only two months after announcing the sale of our Argentine subsidiary, we are pleased to mark another major milestone in simplifying our bank by selling our subsidiaries in Mexico as part of Strategy 2020.”
The bank intends to serve its governmental, corporate and institutional clients in Mexico from global hubs.
The lender said that it will continue to offer its full range of investment banking products to clients in Mexico.
Rohr said: “We will work in partnership with our clients, regulators, employees and other stakeholders to ensure a smooth transition to the new arrangements.”
In October, Deutsche Bank announced that it cut nearly 35,000 jobs and close operations in 10 countries as part of its Strategy 2020 to reduce costs.
It planned to completely close onshore operations in Argentina, Chile, Mexico, Peru, Uruguay, Denmark, Finland, Norway, Malta, and New Zealand.
Recently, the US Department of Justice (DoJ) asked the bank to pay $14bn to settle several probes related to its sale of mortgage-backed securities.
Image: Deutsche Bank headquarter in Frankfurt am Main, Germany. Photo: courtesy of Raimond Spekking / Wikimedia Commons.
