Starting in July 2004, Postbank will process the German domestic and parts of the foreign payment transactions for Deutsche Bank (XETRA: DBKGn.DE / NYSE: DB). An agreement on this was signed today. For both institutions, this cooperation is a step in the implementation of their strategic objectives: Postbank is continuing to expand its Transaction Banking business. Deutsche Bank will be able to concentrate even more on its core businesses. For the banks' clients, nothing will change. Their accounts will continue to be kept, as before, with their respective banks.
In return, Postbank will transfer to Deutsche Bank its U.S. dollar clearing business and its worldwide foreign transaction banking outside of the EU. Deutsche Bank is thus strengthening its core competencies in offering global cash management solutions and the settlement of foreign payment transactions, in particular for institutional and corporate clients. Hermann-Josef Lamberti, member of the Board of Managing Directors and Chief Operating Officer of Deutsche Bank: “As part of the cooperation on transaction payments, we will contribute approximately 1.7 billion transactions per year. At the same time, we are expanding our leading position in global cash management and clearing. As a result, both parties are advancing by taking concrete steps to achieve joint synergies in transaction banking.”
In implementing the contract, the company “Betriebscenter für Banken Deutschland GmbH & Co. KG” (BCB) will acquire DB Payments AG effective on July 1. With registered headquarters in Frankfurt am Main, BCB is a 100% subsidiary of Postbank and will provide Deutsche Bank with payment transaction services in the accustomed high quality.
The agreement signed today is still subject to the approval of the regulatory authorities.
By their very nature, forward-looking statements involve 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 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 25 March 2004 in the section "Risk Factors." Copies of this document are readily available upon request or can be downloaded from www.deutsche-bank.com/ir.