December 6, 2005

Deutsche Bank becomes sole owner of United Financial Group

Deutsche Bank (XETRA: DBKGn.DE / NYSE: DB) today announced it has entered into legally binding agreements to acquire the remaining 60% of United Financial Group (UFG). The transaction is expected to close in the first quarter of 2006 subject to regulatory and anti-monopoly approvals. The parties have agreed that financial terms will not be disclosed.

Founded in 1994, Moscow-based UFG has established a leading position as a full-service
investment company for international and Russian clients.

The acquisition follows Deutsche Bank’s purchase of a 40% stake in UFG in 2004. Since then UFG and Deutsche Bank have worked successfully together in a strategic partnership. The acquisition will consolidate Deutsche Bank’s position as one of the leading investment banks in Russia, with an unrivalled presence in advisory, equities, fixed income and derivatives markets.

Tessen von Heydebreck, member of Deutsche Bank’s Board of Managing Directors, said: “Our partnership with UFG has been highly successful in creating one of the leading players in Russian investment banking. The final acquisition allows us to build on this successful partnership and underscores our strategic commitment to Russia, one of the most exciting growth economies in the world. The new entity will combine the skill sets of both organisations to create a leading force in the Russian market and to become an integral part of Deutsche Bank’s premier global investment banking franchise.”

For further information, please contact:

Press and Media Relations
Elaine Bartleet Tel: +44 7207 545 4907 (London)
Armin Niedermeier Tel: +49 69 910 33402 (Frankfurt)
Olga Podoinitsyna Tel: (+7 495) 797 5303 (Moscow)

Investor Relations
Tel: +49 69 910 35395 (Frankfurt)
Tel: +1 212 250 7125 (New York)

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 24 March 2005 in the section "Risk Factors." Copies of this document are readily available upon request or can be downloaded from Deutsche Bank Investor Relations.


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