Deutsche Bank (XETRA: DBKGn.DE / NYSE: DB) and Dresdner Bank will have their payments processed by Postbank. Preliminary agreements for this have now been signed by the three companies. The partners see this as an important step in implementing their strategic objectives and as an important signal for the consolidation of the German banking market. For the three banks' clients, nothing will change. Their accounts will continue to be kept, as before, with their respective banks. As a result of this agreement, Postbank will become one of the leading payments clearing houses in Germany.
For Deutsche Bank, this is a further logical step in the concentration on its core businesses and represents a high-performance partnership. "Early on we signalized to the market that we wanted to achieve synergies in transaction banking. By contributing DB Payments to the cooperation, we are creating cost advantages for ourselves as well as a long-term strategic partnership," commented Hermann-Josef Lamberti, member of the Board of Managing Directors and COO of Deutsche Bank.
Postbank will execute the clearing and settlement of Deutsche Bank's and Dresdner Bank's payment transactions independently. To do so, Postbank will acquire DB Payments AG from Deutsche Bank as well as Dresdner Zahlungsverkehrsservice GmbH from Dresdner Bank. Further steps will be agreed by the banks before year's end. The partners also plan to develop a joint SAP-based IT platform. Postbank's objective for the near future is to process payment transactions for additional partners as well.
Furthermore, the two partners are examining whether Postbank’s securities processing could be carried out in the future by european transaction bank AG.
Contract negotiations are scheduled to be concluded by the end of the year 2003. These planned agreements are, as usual, subject to the approval of the relevant committees and regulatory authorities.
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 therefore 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 counterparties; the implementation of our restructuring including the enivsaged reduction in headcount; the reliability of our risk management policies, procedures 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.