Deutsche Bank (XETRA: DBKGn.DE / NYSE: DB) announced today the completion of the acquisition of parts of ABN AMRO’s commercial banking activities in the Netherlands for EUR 700 million in cash. The transaction’s closing follows the approval by the European Commission and other regulatory bodies. Deutsche Bank, already a leading corporate and investment bank in the Netherlands, is now the fourth-largest provider of commercial banking services in the country.
The acquired businesses will use the Deutsche Bank brand name and become part of the firm’s Global Transaction Banking (GTB) business. These include:
With the acquisition, Deutsche Bank welcomes over 34,000 new clients and 1,300 new colleagues.
Werner Steinmueller, Head of Global Transaction Banking and Member of the Group Executive Committee at Deutsche Bank, said: “With this transaction, the Netherlands becomes a significant commercial banking market for Deutsche Bank. This is a key step in Deutsche Bank’s strategy to expand its stable businesses and extend its presence with European SME and Midcap clients."
Leonhard Degle, Chief Country Officer for Deutsche Bank AG in the Netherlands, added: “Deutsche Bank has been active in the Netherlands for almost a century, and our long-term commitment to the country is underscored with these acquisitions. With our enhanced presence, we have an expanded platform to serve the financial needs and support the growth of the businesses locally.”
Gerard Zwartkruis, Chief Executive Officer, Deutsche Bank Nederland N.V., said: “We welcome the transaction; our priority is to ensure our clients benefit and prosper. Over time, we will be offering Deutsche Bank’s range of products and services to a larger customer base, this is good news for our clients.”
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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 strategic initiatives, 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 16 March 2010 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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