Deutsche Bank announced today that the bank has entered into an agreement to sell a portfolio of private equity fund investments to Credit Suisse Strategic Partners. This is the largest in a recent series of sale transactions that are expected to reduce the book value of Deutsche Bank’s private equity fund investments by approximately US-$400 million. Closing is expected to be completed in the fourth quarter 2003.
Separately, Deutsche Bank announced today the closing of a private equity fund securitization with a total volume of US-$467 million. The securitization ultimately is expected to reduce the book value of Deutsche Bank’s private equity fund investments further by approximately US-$125 million. The total book value of the Bank’s Private Equity Fund Investments was EUR 1.6 bn as of 30 June 2003.
Axel Wieandt, Global Head of Deutsche Bank’s Corporate Investments Group Division, remarked, "These transactions provide further evidence that Deutsche Bank is making steady progress in its ongoing effort to divest non-core assets and to reduce its private equity exposure."
The securities issued in the private equity fund securitization have not been registered under the U.S. Securities Act of 1933 and may not be sold in the United States absent an applicable exemption from such registration requirements.
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 forward-looking statement. These statements are based on plans, estimates and projections as they are currently 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 envisaged 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 www.deutsche-bank.com/ir