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Landesbank Berlin has signed a legally binding contract with Deutsche Bank (XETRA: DBKGn.DE / NYSE: DB) on the sale of Berliner Bank. Deutsche Bank will acquire the business transacted with private and business clients under the Berliner Bank brand together with all staff and the entire network of branch offices for a preliminary consideration of €680.5 million. In addition, the two banks agreed on cooperation in a wide range of areas, particularly in back-office functions.
The acquisition of Berliner Bank is subject to approval by the relevant regulatory and cartel authorities and the transaction is planned to close at year end 2006. Berliner Bank, which until now has been a branch of Landesbank Berlin, will be carved out into a separate legal entity with equity capital of €172 million. The bank will continue to operate under the Berliner Bank brand after acquisition by Deutsche Bank. The current network of 60 branches, and the employee base, will not be affected. All customers of Berliner Bank will continue to be advised and served personally by the staff members they know.
The combined organisations of Deutsche Bank and Berliner Bank will together serve roughly 770,000 customers through 119 branches in Germany’s capital city. Deutsche Bank becomes one of Berlin’s largest banks for private and business clients, with a substantial market share in the city. The two banks have no significant overlaps in their client portfolios and will in future work together closely in central staff functions. Further revenue synergies will be generated by combining the product ranges of the two banks. Together, the two banks will employ 3,800 staff in Berlin.
Dr. Josef Ackermann, Chairman of the Management Board at Deutsche Bank, said: “Our private clients business is an important earnings pillar within the Deutsche Bank Group. We want to build out this business further, and consolidate our leading position in our home market. The purchase of Berliner Bank is an unambiguous signal that we are continuing on our path of successful growth. To this end, it is important that we invest and grow in Germany – and particularly in Germany’s capital, Berlin.”
Rainer Neske, responsible for business with private clients on Deutsche Bank's Group Executive Committee, added: "We are looking forward to serving the clients of Berliner Bank, who value personalized and professional financial advice. Our new partner is a perfect fit, as we have no significant overlaps. We are decisively increasing our presence with private and business clients in the capital city. This is an important strategic step forward in the attractive Berlin market. Together we have an excellent position, which we intend to use proactively to win the trust and confidence of many new customers. We are strong partners and can profit from each other. Our common goal is to attract more clients and continue our good progress in the capital."
Berliner Bank, serving 307,000 private customers and 13,000 business clients, is one of the leading private banks in the capital. Its business model, with an emphasis on private and business clients and personally-tailored financial advice, is highly complementary with that of Deutsche Bank. With this combination, customers of both banks will benefit from a richer product range, a two-way exchange of expertise in portfolio management and structured financial products, and greater access to the combined branch network in Berlin.
This Release contains forward-looking statements. Forward-looking statements are statements that are not historical facts; they include statements about our beliefs and expectations. Any statement in this Release that states our intentions, beliefs, expectations or predictions (and the assumptions underlying them) is a forward-looking statement. These statements are based on plans, estimates and projections as they are currently available to the management of Deutsche Bank. Forward-looking statements therefore speak only as of the date they are made, and we undertake no obligation to update publicly any of them in light of new information or future events.
By their very nature, forward-looking statements involve risks and uncertainties. A number of important factors could therefore cause actual results to differ materially from those contained in any forward-looking statement. Such factors include: the conditions in the financial markets in Germany, in Europe, in the United States and elsewhere from which we derive a substantial portion of our trading revenues; potential defaults of borrowers or trading counterparties; the implementation of our management agenda; the reliability of our risk management policies, procedures and methods; and other risks referenced in our filings with the U.S. Securities and Exchange Commission. Such factors are described in detail in our SEC Form 20-F of 23 March 2006 on pages 7 through 13 under the heading "Risk Factors." Copies of this document are readily available upon request or can be downloaded from www.deutsche-bank.com/ir.