IR Releases - Archive

November 26, 2002

Deutsche Bank to sell US consumer financing businesses


Deutsche Bank announced today that it has entered into a definitive agreement to sell the consumer financing businesses of Deutsche Financial Services (DFS), St. Louis to E*TRADE Bank, a wholly-owned subsidiary of E*TRADE Group, Inc. Under the terms of the agreement, Deutsche Bank will receive a purchase price equal to approximately US-$100 million. The transaction is envisaged to close by the end of December 2002, subject to customary closing conditions and regulatory approval.

The DFS businesses involved in this transaction provide dealer-based and direct consumer financing to end-users of marine products and recreational vehicles. The businesses serve all key markets in the United States. Excluding securitized receivables the acquisition provides E*TRADE Bank with US-$1.75 billion of net funded receivables.

Following the recent closure of the sale of the DFS commercial financing businesses to GE Commercial Finance the consumer financing transaction marks the completion of Deutsche Bank's exit from DFS.




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