New York, January 3, 2007

Deutsche Bank completes acquisition of MortgageIT Holdings


Addition further strengthens Deutsche Bank’s vertically integrated US RMBS platform

Deutsche Bank (XETRA: DBKGn.DE / NYSE: DB) today announced the completion of the acquisition of MortgageIT Holdings, Inc., a residential mortgage real estate investment trust (REIT), for $14.75 in cash per share of common stock, or $430 million (EUR 324 million). The acquisition is expected to be accretive to earnings in 2007 and will add significant scale and synergies to Deutsche Bank’s US residential mortgage business.

MortgageIT will become a part of Deutsche Bank’s Residential Mortgage Backed Securities group and Doug Naidus, CEO of MortgageIT, will become a Managing Director and Head of Mortgage Origination within the group. The acquisition is the latest in a series of investments Deutsche Bank has made in the US mortgage markets. Last year, the Bank acquired Chapel Funding, a mortgage originator, and entered into a joint venture with the Hispanic National Mortgage Association to provide loans to Hispanic and immigrant borrowers.

"As a leader in the US fixed income markets with a strong and growing residential mortgage business, adding a top mortgage originator like MortgageIT is a compelling strategic fit for our business," said Phil Weingord, Head of Global Markets in the Americas. “Expanding our origination platform provides us with access to a steady source of product for distribution into the mortgage capital markets.”

“I am very enthusiastic about the possibilities afforded by this combination of two entrepreneurial groups,” said Doug Naidus. “Uniting our origination capabilities with Deutsche Bank’s structuring and capital markets expertise positions us well to grow our business in a wide range of market conditions.”

MortgageIT Holdings owns MortgageIT, Inc., a residential mortgage lender that employs approximately 2,100 people in 47 branches, and is licensed to originate residential mortgage loans in all 50 states. MortgageIT is one of the fastest-growing and largest residential mortgage loan originators in the US.

 


For further information, please call:

Press & Media Relations    

Ted Meyer      
+1 212 250 7253 (New York)          

Ronald Weichert     
+49 69 910 38664 (Frankfurt)   
db.presse@db.com

Investor Relations

+1 212 250 7125 (New York)
+49 69 910 35395 (Frankfurt)
db.ir@db.com

 

About Deutsche Bank

Deutsche Bank is a leading global investment bank with a strong and profitable private clients franchise. A leader in Germany and Europe, the bank is continuously growing in North America, Asia and key emerging markets. With Euro 1,097 billion in assets and 67,474 employees in 73 countries, Deutsche Bank offers unparalleled financial services throughout the world. The bank competes to be the leading global provider of financial solutions for demanding clients creating exceptional value for its shareholders and people.

www.db.com

 


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 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.

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 described in detail in our SEC Form 20-F of 23 March 2006 on pages 7 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.


 




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