Deutsche Bank has agreed to sell its subsidiaries in Mexico to local lender InvestaBank, Institucion de Banca Multiple for an undisclosed sum.

The sale of the subsidiaries- Deutsche Bank Mexico, S.A. Institucion de Banca Multiple and Deutsche Securities, S.A. de C.V., Casa de Bolsa- is part of the bank’s plan known as Strategy 2020 that aims to rationalise its global footprint, the German lender said.

The bank’s Mexican Global Markets and Corporate & Investment Banking units will now be centralised in its global hubs. The bank will serve its corporate and institutional clients in the country from these global hubs.

The deal is anticipated to be completed in 2017, subject to regulatory approvals.

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.”

As part of the Strategy 2020 plan, the bank agreed to offload its Argentine subsidiary to Buenos Aires-based Banco Comafi in August 2016.

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