IR Releases - Archive

June 26, 2002

Share buy-back program launched


Deutsche Banks Board of Managing Directors has decided to launch a share buy-back program, thereby utilising the renewed authorization given by the Annual General Meeting on May 22. In particular, the bank plans to make use of its legal capacity governed by the German Joint Stock Corporation Act and repurchase up to 62 million shares (i.e. 10 percent of the total number of shares issued) before the authorization expires in September 2003.

Josef Ackermann, Chairman of the Group Executive Committee, said: "This share buy-back program is one of Deutsche Banks strategic initiatives announced on April 29. Given our current share price level we are convinced that buying back our own stock is an attractive alternative to other investments."

The program will be executed through open market transactions and derivative instruments and will be based in principle on a systematic approach. The program volume will be funded by capital gains stemming from the sale of industrial holdings. The major part is earmarked for reduction of share capital. A smaller part will be repurchased for delivery to employees as part of the banks equity compensation program, thus avoiding dilution. Returning capital to the banks shareholders is intended to support the return on equity and earnings per share.

Deutsche Bank will not engage in share buy-back activities which would jeopardize its sound capitalization. In particular, the bank will carefully manage all buy-back activities under this program to maintain the Groups target core capital ratio in excess of 8 percent. Progress reports on the various components of this share buy-back program will be supplied on a regular basis.




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