Deutsche Bank today announced that as part of the bank’s Strategy 2020 plan to rationalize its global footprint, it has entered into an agreement to sell its subsidiaries (Deutsche Bank Mexico, S.A. Institucion de Banca Multiple and Deutsche Securities, S.A. de C.V., Casa de Bolsa) in Mexico to InvestaBank S.A., Institución de Banca Múltiple. Deutsche Bank will centralize its Mexican Global Markets and Corporate & Investment Banking coverage function in its global hubs.

“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,” said Karl von Rohr, Chief Administrative Officer at Deutsche Bank. “We will work in partnership with our clients, regulators, employees and other stakeholders to ensure a smooth transition to the new arrangements.”

The bank is committed to serving its governmental, corporate and institutional clients in Mexico from global hubs and will continue to offer these clients the full range of investment banking products.

The transaction is expected to close in 2017, subject to regulatory approvals and other customary conditions. Terms of the transaction were not disclosed.