March 22, 2007

Deutsche Bank announces the retirement of Clive Smith, Chairman of Deutsche Bank Australia & New Zealand and the appointment of Deutsche Bank Japan CEO, John (JT) MacFarlane as successor

Deutsche Bank today announced that after a career spanning almost 50 years in Australian financial services, Clive Smith, Chairman of Deutsche Bank Group in Australia & New Zealand will retire, effective 15 June 2007. John (JT) Macfarlane, most recently CEO and Chief Country Officer for Deutsche Bank Group in Japan will officially take up the role on 16 June 2007.
Dr Josef Ackermann, Chairman of the Management Board and Group Executive Committee said, “Clive’s approach to work is based on the tenets of integrity and intelligence. This approach has benefited his many clients, as well as those of us who have worked closely with him. In his nine years with the Bank, Clive has successfully raised the profile of our organisation in Australia and has been one of the most accomplished and effective relationship bankers across our global platform of over 70 countries.”
Clive’s first job in the financial markets was in 1958 as a floor trader with Melbourne firm Guest & Bell. In 1974 he joined his Grandfather’s firm EL&C Baillieu, then chaired by his cousin, John Baillieu and was appointed his successor in 1988. Recognising the emerging trend of globalisation in 1998, Clive decided it was time for EL&C Baillieu to merge with an international investment bank to improve his clients’ access to global capital markets. Deutsche Bank was chosen by Clive as EL&C Baillieu’s natural partner from 16 other investment banks and so merged the corporate finance division by bringing a renowned team across that included Tony Burgess, now Global Co-Head of M&A at Deutsche Bank.
Throughout his career Clive has been instrumental in many large transactions that have helped shape Australia’s corporate landscape including the WMC acquisition of 40 per cent of the AWAC joint venture with Alcoa in 1994, the sale of Bankers Trust Funds Management to Principal in 1999, the sale of Rosemount to Southcorp in 2001, and the BHP Billiton acquisition of WMC Resources in 2005.
Mr Juergen Fitschen, Member of the Group Executive Committee said, “The depth of Clive’s knowledge of investment banking and how it best helps clients fulfil their business objectives comes from the experience gained through a long and successful career. Working with Clive has been my great pleasure. The Bank and Clive’s clients have gained immeasurably from his wisdom and skill over many years.”
JT Macfarlane started his career with the New Zealand Treasury in the early 1980's before joining NMRB / Capel Court in Melbourne as Financial Markets Economist in 1986. In 1988 he joined Bankers Trust Australia in Sydney as a fixed income specialist working for the Bankers Trust Group in Australia, the USA and New Zealand in a variety of sales and trading and management roles before becoming CEO of Bankers Trust New Zealand in 1998. After Deutsche Bank purchased Bankers Trust in 1999, JT was appointed CEO and Chief Country Officer of Deutsche Bank Group Japan. Since 2004, he has also had Regional Management responsibility for Australia and New Zealand.
Mr Fitschen said, “JT is an ideal successor to Clive as Chairman, having worked collaboratively with local CEO Chum Darvall and the senior management team in Australia for many years. Clients today need bankers who have global outlook and expertise. JT has that international perspective, a great depth of banking and management expertise, as well as considerable local experience.”

For more information, please call

Kate Abrahams, 612 8258 2416
Cathy Knezevic, 612 8258 2792

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 1,128 billion in assets and 68,849 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.