07:28 AM EDT, 03/10/2025 (MT Newswires) -- (Update to add Bank of America ( BAC ) and Deutsche Bank ( DB ) comment in third paragraph)

Italian defense and aerospace firm Leonardo replaced Bank of America ( BAC ) with Germany's Deutsche Bank ( DB ) in recent weeks to advise on its efforts to create a new European space and satellite entity, Bloomberg News reported, citing people familiar with the matter.

Deutsche Bank ( DB ) will help Leonardo in discussions with plane maker Airbus and French aerospace firm Thales regarding combining their space and satellite operations, the unnamed sources told Bloomberg.

Representatives from Bank of America ( BAC ), and Deutsche Bank ( DB ) decline to comment, while Leonardo did not immediately respond to MT Newswires' request for comment.

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