May 13, 2009

Deutsche Bank to acquire Dresdner Bank's Global Agency Securities Lending Business

Deutsche Bank AG (XETRA: DBKGn.DE / NYSE: DB) today announced the signing of a definitive agreement to acquire Dresdner Bank’s Global Agency Securities Lending business from Commerzbank AG (XETRA: CBK GY). 

The Dresdner Agency Securities Lending business will be integrated into Deutsche Bank’s Trust & Securities Services (TSS) business in Global Transaction Banking (GTB) as part of its local custody franchise and will be overseen by Roger Harrold, Global Head of Domestic Custody Services.  

Terms of the transaction were not disclosed, and closing of the transaction is subject to customary conditions, including receipt of regulatory approvals. The transaction is expected to be completed in the fourth quarter of 2009.

“This acquisition adds one of the largest third-party agency securities lending providers to our custody platform in Global Transaction Banking,” said Mr. Harrold. “We are continually seeking ways to further expand the range of services we provide to our clients, and this addition to the GTB platform will undoubtedly help us achieve that goal.”

The sale of Dresdner Bank’s Global Agency Securities Lending business is part of Commerzbank’s strategy to focus on its core markets and activities.

Tim Smollen, Global Head of Dresdner Bank’s Agency Lending business, who will remain head of the business after closing, said, “The Deutsche Bank platform represents a strong fit for our global business, our clients and our ambitions in the agency lending space. We look forward to working with our new colleagues to ensure the smooth integration of the business and to introduce our complementary service to Deutsche Bank’s clients.”

For further information, please contact:

Deutsche Bank Press & Media Relations   
John Gallagher +1 212 250 4516 (New York)  
Christian Streckert +49 69 910 38079 (Frankfurt)  
Investor Relations
+49 69 910 35395 (Frankfurt)
+1 212 250 7125 (New York) 

Dresdner Bank Media Relations    
Marypat Davis +1 212 895 5006 (New York)                
Thomas Bonk +49 69 263 11005 (Frankfurt)  
Murray Parker +44 207 475 5828 (London)
Commerzbank Media/IR
Beate Schlosser +49 69 136 22137
 IR +49 69 136 22255

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 80,277 employees in 72 countries, Deutsche Bank competes to be the leading global provider of financial solutions for demanding clients creating exceptional value for its shareholders and people.

About Trust & Securities Services

Deutsche Bank’s Trust & Securities Services business, part of Global Transaction Banking, is one of the leading providers of trustee, agent, depositary, registrar, SPV management and related services for a wide range of financial structures and transactions. It is a leading depositary for American and Global Depositary Receipts, provides fund and hedge fund administration and, through a fully integrated network of specialist offices worldwide, provides domestic custody services in more than 30 securities markets.

About Dresdner Bank Agency Securities Lending

Dresdner Bank is a brand of Commerzbank AG, following Commerzbank AG's recent merger with Dresdner Bank AG. The combination of both banks to form the “new Commerzbank” will create the second largest bank in Germany, a leading bank for private and small and medium-sized enterprise (Mittelstand) customers in Germany and also a major financial institution in Europe. Dresdner Bank's Agency Securities Lending business is one of the world's largest non-custodial securities lending managers, which operates from offices in London, New York and Frankfurt.

This release contains forward-looking statements. Forward-looking statements are statements that are not historical facts; they include statements about our beliefs and expectations and the assumptions underlying them. 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 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 24 March 2009 under the heading "Risk Factors." Copies of this document are readily available upon request or can be downloaded from

Press Release