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Deutsche Bank (XETRA: DBKGn.DE / NYSE: DB) has completed the share buyback program which was launched in the third quarter 2003. By 28 June 2004, a total of 58,185,424 shares (10% of the share capital) had been repurchased at an average price of EUR 64.62, for a total consideration of EUR 3.76 billion.
The Board of Managing Directors of Deutsche Bank has made the decision to cancel 38,000,000 shares. The corresponding reduction of share capital will be filed shortly for entry into the Commercial Register. After registration, the share capital will consist of 543,854,246 shares. The remaining shares from the buyback program were used to support Deutsche Bank’s equity-based staff compensation program.
Deutsche Bank will continue to buy back its own shares under the terms of the existing authorization granted at this year’s Annual General Meeting. This provides for a potential repurchase of up to 45.5 million shares or 8.4 % of the reduced share capital. The authorization expires in November 2005.
Dr. Josef Ackermann, Chairman of the Group Executive Committee, said: “The recent dividend increase and the continuation of share buybacks demonstrates our ongoing commitment to return excess capital to our shareholders in a timely manner.”
The buybacks will again be executed systematically by direct purchases of shares in the spot market and potentially through the use of derivatives. Deutsche Bank intends to use the repurchased shares not only to further reduce its share capital but also to support potential future equity-based compensation programs.
All transactions will be managed in such a way that Deutsche Bank’s core capital ratio will not fall below the target range of eight to nine percent. The bank will regularly publish information on the progress of the buyback program.
Details can be called up from the Internet website under the heading “Share Information / Share Buy Back Program”.