Deutsche Bank AG: Deutsche Bank updates on Postbank takeover litigation matter
April 26, 2024 at 03:54 pm EDT
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EQS-Ad-hoc: Deutsche Bank AG / Key word(s): Legal Matter
Deutsche Bank AG: Deutsche Bank updates on Postbank takeover litigation matter
26-Apr-2024 / 21:52 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by EQS News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
In a hearing on April 26, 2024, the Higher Regional Court of Cologne assessed the claims of certain former Postbank shareholders that a higher offer price in connection with Deutsche Bank's voluntary takeover offer of October 7, 2010, should have been paid. During the hearing, the Court indicated that it may find elements of these claims valid in a later ruling.
While Deutsche Bank continues to disagree stronglywith this assessment, the court's statements will impact Deutsche Bank's estimation of the probability of a future outflow, resulting in a legal provision in the second quarter of 2024. This provision will impact Deutsche Bank’s second quarter and full-year profitability and capital ratios.The estimate of the full amount of all claims, including cumulative interest, is approximately 1.3 billion euros.
On a pro forma basisas of March 31, 2024, the impact of the full provision on the bank’s Common Equity Tier 1 (CET1) ratio is estimated to be approximately 20 basis points, with a resulting pro-forma CET1 ratioof 13.25%. On the same basis, the Leverage Ratio would be 4.42% as of March 31, 2024.
Given the complexity of the legal issues and recency of the court's statements, Deutsche Bank's management will continue its analysis of the legal arguments and the potential financial statement impact. Generally, management does not expect a significant impact on the bank's strategic plans or financial targets.
End of Inside Information
26-Apr-2024 CET/CEST The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.eqs-news.com
Language:
English
Company:
Deutsche Bank AG
Taunusanlage 12
60325 Frankfurt a. M.
Germany
Phone:
+49 (0)69 910-00
E-mail:
db.media@db.com
Internet:
www.db.com
ISIN:
DE0005140008
WKN:
514000
Indices:
DAX, EURO STOXX 50
Listed:
Regulated Market in Berlin, Dusseldorf, Frankfurt (Prime Standard), Hamburg, Hanover, Munich, Stuttgart; Regulated Unofficial Market in Tradegate Exchange; NYSE
Deutsche Bank AG is one of the largest German banking groups. Income breaks down by activity as follows:
- investment, finance and market banking (35.6%): financial engineering (consulting for merger-acquisitions, stock operations, etc.), investment capital, operations on the interest, exchange, and stock markets, market brokerage, specialized financing (for acquisitions, projects, etc.);
- retail banking and private banking (32.6%);
- corporate banking (22.5%);
- asset management (9.3%).
At the end of 2022, Deutsche Bank AG managed EUR 621.4 billion in current deposits and EUR 483.7 billion in current loans.
Products and services are marketed through a network of 1,536 branches worldwide.