IR Releases - Archive

September 16, 2002

Deutsche Bank to sell Deutsche Financial Services (DFS)


Deutsche Bank AG and GE Commercial Finance, through its Vendor Financial Services (VFS) business, announced today that they have entered into a definitive agreement for Deutsche Bank to sell DFS’s commercial inventory financing businesses. Under the terms of the agreement, Deutsche Bank will receive total cash proceeds equal to approximately US-$ 2.9 billion. This includes the purchase price as well as the repayment of debt. The transaction is expected to close in the fourth quarter, subject to customary closing conditions and regulatory approval.

The DFS businesses involved in this transaction provide commercial inventory financing for over 1,000 manufacturers and nearly 14,000 dealers of industrial equipment, technology products and a wide variety of recreational vehicles. The businesses with about 1,200 employees serve markets in the U.S., Europe and Canada. Excluding securitized receivables of US-$ 2.7 billion, the acquisition provides GE Commercial Finance with US-$ 2.7 billion of net funded receivables. The assets and operations of the manufactured housing business and the consumer financing business are excluded from the transaction.

“This is an important further step in our strategy to focus on core businesses,” said Josef Ackermann, Chairman of the Group Executive Committee of Deutsche Bank.

“DFS is a premier provider of inventory financing to manufacturers and dealers globally. Their vendor partners and dealer relationships complement and extend the range of products and services that VFS provides to its customers today,” said Bill Cary, President and CEO of GE Vendor Financial Services. “Strong cross-selling opportunities should drive growth opportunities for both VFS and DFS.”



This Investor Relations Release contains forward-looking statements. Forward-looking statements are statements that are not historical facts, including statements about our beliefs and expectations. Any statement in this Investor Relations Release that states our intentions, beliefs, expectations or predictions (and the assumptions underlying them) is a for-ward-looking statement. These statements are based on plans, estimates and projections as they are cur-rently 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.

Forward-looking statements involve inherent 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 restructuring including the envisaged reduction in headcount; the reliability of our risk management policies, pro-cedures 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 March 27, 2002 on pages 9 through 13 under the heading "Risk Factors." Copies of this document are readily available upon request or can be downloadedstated below.






IR Releases on Financial Results 2013
IR Releases on Financial Results 2012
Footer Navigation:
Copyright © 2014 Deutsche Bank AG, Frankfurt am Main