The transfer will cover the settlement, custody and administration of mainly German securities and traded derivatives for national and international financial intermediaries. These include, for example, banks, international central custodians, global custodians and insurance companies, but not Dresdner Bank's private clients.
Jürgen Fitschen, member of Deutsche Bank's Group Executive Committee, said: "The integration of Dresdner Bank's custody business into Deutsche Bank, which offers subcustodial services in 23 countries, is a major step in further leveraging our business as securities custodian and administrator in Germany. With the pooling of the two areas, we shall become the premier provider of domestic custodial services in Germany."
Deutsche and Dresdner Bank will ensure that their customers continue to receive high service quality in future and that the transfer takes place as simply and smoothly as possible.
The transfer of the custody unit is expected to be finalized by the end of next year subject to regulatory and anti-trust approvals.
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.