IR Releases - Archive

Frankfurt am Main / Istanbul, April 13, 2005

Deutsche Bank to become sole owner of Bender Securities

Deutsche Bank (XETRA: DBKGn.DE / NYSE: DB) today announced it has signed a definitive agreement to acquire the remaining 60% of Bender Menkul Degerler Anonim Sirketi (“Bender Securities”) it does not already own. The stake will be acquired from current and past management team members.

The transaction is expected to close in the second quarter of 2005 subject to regulatory approval. Financial terms are not being disclosed.

Established in 1994, Bender Securities is a leading mid-size brokerage house based in Istanbul, Turkey. It is active in Turkish equity and fixed income research, trading and equity issuance. Additionally, Bender Securities has a significant international institutional client base.

Deutsche Bank initially acquired a 40% equity stake in Bender Securities from its senior management in July 2000. Since then, Deutsche Bank and Bender Securities have cooperated closely in the Turkish market. In particular, Deutsche Bank and Bender Securities have worked together on a number of initial public offerings and secondary offerings, block trades and derivative transactions for companies based in Turkey. In 2004, Deutsche Bank and Bender Securities successfully executed six equity capital markets transactions on the Istanbul Stock Exchange.

Bender Securities will continue to operate under its own name and retain existing management after completion of the acquisition.

Commenting on the transaction, Kay Haigh, Head of CEEMA (Central Eastern Europe, Middle East and Africa) within the Global Markets division of Deutsche Bank, said: “Alongside our recently obtained commercial banking license in Turkey, the acquisition of Bender Securities reflects our increasing commitment to a market in which we see significant growth prospects.”

Kaya Didman, Chairman of Bender Securities, said: “Over the past few years, our close relationship with Deutsche Bank has been mutually beneficial and highly successful in terms of cultural fit. We are convinced that the full integration of our execution capabilities, top ranking research and local market expertise with Deutsche Bank’s product skills, global reach and local platform will create a winning combination, providing unparalleled services to clients in the Turkish market.”

This Release contains forward-looking statements. Forward-looking statements are statements that are not historical facts; they include statements about our beliefs and expectations. Any statement in this Release that states our inten-tions, 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.

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 implementation of our management agenda; 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 de-scribed in detail in our SEC Form 20-F of 24 March 2005 in the section "Risk Factors." Copies of this document are readily available upon request or can be downloaded from

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