December 24, 2002
Deutsche Bank completed sale of US consumer financing businesses
Deutsche Bank AG and E*TRADE Group, Inc., through its E*TRADE Bank unit, have completed the sale of the consumer financing businesses of former Deutsche Financial Services (DFS), St. Louis yesterday. Under the terms of the agreement, Deutsche Bank has received cash proceeds in excess of US-$1.8 billion. This includes the purchase price equal to approximately US-$100 million as well as the repayment of debt. Deutsche Bank AG and E*TRADE Group, Inc. had entered into a definitive agreement for Deutsche Bank to sell the consumer financing businesses of former DFS end of November 2002. The businesses of former DFS involved in this transaction provide dealer-based and direct consumer financing to end-users of marine products and recreational vehicles on all key markets in the United States. Excluding securitized receivables the acquisition provides E*TRADE Bank with US-$1.8 billion of net funded receivables.