IR Releases - Archive

May 7, 2003

Deutsche Bank: New Opportunities for Gerling

Minority stake relinquished - no longer shareholder in Gerling Group
Stake in credit insurer Gerling NCM increased

Deutsche Bank relinquishes its minority stake of 34.6 % in Gerling-Konzern Versicherungs-Beteiligungs-AG (GKB). The bank will transfer 28.6 % of its shareholding to a company controlled by Dr. Rolf Gerling and the remaining 6.0 % to Dr. Joachim Theye.

Dr. Clemens Börsig, member of the Board of Managing Directors of Deutsche Bank, said: "With this transaction Deutsche Bank leaves the Gerling shareholder group. For the Gerling Group, the received share package opens up new opportunities in negotiations with potential investors."

Simultaneously Deutsche Bank, Swiss Re, Sal. Oppenheim and GKB have agreed to restructure the ownership of credit insurer Gerling NCM Credit and Finance AG (Gerling NCM). The transaction is based on a valuation of Euro 655 million. Gerling Group will reduce its stake from 55.9 % to 3.0 %. It will receive a cash payment of Euro 120 million from Deutsche Bank and of Euro 60 million plus the annulment of certain rights from Swiss Re.

On completion of the transaction, which is expected to close in summer 2003, the shareholders of Gerling NCM will be: Swiss Re 47.50 %, Deutsche Bank 35.32 %, Sal. Oppenheim 7.00 %, Gerling NCM Pension Trust 7.14 % and Gerling Beteiligungs-GmbH 3.04 %.

In addition, Swiss Re and Deutsche Bank will each underwrite Euro 55 million of a Euro 110 million subordinated note to bolster Gerling NCM's capital base. It is the goal of the shareholders to work towards an Initial Public Offering within the next few years, dependent on market conditions.

The transaction is subject to regulatory approvals.

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 there-fore 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 counter-parties; the implementation of our restructuring including the enivsaged reduction in headcount; the reliability of our risk manage-ment 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, 2003 on pages 9 through 13 under the heading "Risk Factors." Copies of this document are readily available upon request or can be downloaded from

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