Billionaire Boys Club Member Forum (BBCMF)

[mick]

Deutsche Bank: Fitch affirms Deutsche Bank on 29.75% interest in Postbank (DB) 80.87 -3.14 : Fitch Ratings affirmed Deutsche Bank's ratings at Long-term Issuer Default 'AA-' with Stable Outlook, Short-term IDR 'F1+', Individual 'B' and Support '1'. Deutsche Bank's trust preferred securities are affirmed at 'A+'. This follows the announcement that DB will acquire 29.75% of Deutsche Postbank from Deutsche Post for EUR2.79bn or EUR57.25 per share in cash. "This transaction provides DB with the opportunity to enhance its stable revenues from its private and business clients operations through cooperation agreements and, in a second step, the option to become the majority owner in DPB without the need to fund a larger-scale transaction in the currently difficult market environment." Fitch positively notes that a strengthening of DB's more stable (ie retail, asset and wealth management and transaction banking) business, which contributed EUR3bn to its income (before income taxes) in FY07 and EUR1.6bn in H108, could help to limit overall earnings volatility.