January 8, 2003
Deutsche Bank reduces its stake in IT services provider Sinius -
Deutsche Bank has, as of year-end 2002, reduced its previous majority stake in IT services provider Sinius GmbH to 19.84% by selling another 50.16% to Siemens Business Services (SBS). Sinius had been spun off from Deutsche Bank AG as a wholly-owned subsidiary in August 2000 in order to offer its bank specific IT expertise also to customers outside the Deutsche Bank Group. In February 2001, SBS already acquired a 30% stake that has now been enlarged to 80.16%. Sinius is headquartered in Düsseldorf and maintains 24 offices across Germany with a total headcount of 1,250. With this transaction Deutsche Bank continues its strategy of concentrating on core businesses. Sinius will continue to be Deutsche Bank's preferred partner for decentralized IT services in Germany.