4 JULY 2008, FRANKFURT AND MILAN - Deutsche Bank today announced the resignation of Vincenzo de Bustis as Chief Country Officer for Deutsche Bank Group in Italy, CEO of Deutsche Bank SpA banking group and General Manager of Deutsche Bank AG Milan branch with effect from 30 September 2008. De Bustis has been in his current role since 2003 and will pursue professional interests outside Deutsche Bank.
Flavio Valeri will be his successor for all roles and responsibilities effective 1 October 2008, subject to the necessary approvals. Valeri joins from Merrill Lynch where he was most recently responsible for Germany, Austria and Switzerland regions. Like his predecessor, Valeri will report to Jürgen Fitschen, member of the Group Executive Committee with responsibility for Deutsche Bank's regional management worldwide.
Commenting on the change Mr Fitschen said: "We are pleased to see Flavio Valeri return to Deutsche Bank and trust that under his leadership we will successfully continue to develop our Group's franchise in the important Italian market, Deutsche Bank's largest foreign franchise in Continental Europe."
"We are very grateful to Vincenzo de Bustis for the strong contribution he has made to our Italian franchise over the past 5 years, we wish him well and look forward to continuing to explore business opportunities together with him going forward."