Deutsche Bank completes purchase of 10% stake in Habubank, Vietnam
Deutsche Bank AG announced that it has completed the purchase of 10% of the issued capital of Hanoi Building Commercial Joint Stock Bank (Habubank). This follows the announcement in February 2007 of an agreement to buy the shares pending administrative and regulatory approvals.
Colin Grassie, Chief Executive Officer of Deutsche Bank Asia-Pacific, said: “This acquisition will allow Deutsche Bank to further build on our strong presence in Vietnam, where we were recently awarded “Best Foreign Investment Bank” by FinanceAsia magazine, and to participate directly in the development of the rapidly expanding retail financial services sector in the country”.
Established in 1989, Habubank was the first joint stock bank in Vietnam and is today a leading bank in the country with a network of 26 branches and some 750 staff providing retail and SME banking services to over 111,000 retail and business clients. Habubank was awarded “Vietnam Bank of the Year 2006” by The Banker magazine.
Peter Schedl, Head of Private & Business Clients, Asia-Pacific, adds: “This transaction represents for us a further step into the fast growing consumer markets of Asia. Private & Business Clients has now invested into three of the fastest growing economies in the region – China, India, and Vietnam. In Habubank we have found an excellent strategic partner and look forward to working closely together in the future”.
For further information, please contact Deutsche Bank Communications:
Michael West, Hong Kong
+852 2203 8403
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 75,140 employees in 75 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.
Deutsche Bank has had a presence in Vietnam since 1992 and currently operates a branch office in Ho Chi Minh City and a representative office in Hanoi, with business activities including foreign exchange; money markets; risk-hedging products; bond underwriting and trading; cash management; international trade financing services; project financing and domestic custody services, for leading multinational and local corporate and financial institution clients.
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.