For the years ended December 31, 2003 and 2002, gains (losses) on dispositions were € 513 million and € 755 million, respectively. The Group’s significant acquisitions and dispositions for the years ended December 31, 2003 and 2002 are discussed below.
In July 2003 the Tele Columbus Group, a consolidated subsidiary in the Corporate Investments Group Division, was sold. In connection with the sale, the Group recognized a loss of € 115 million.
In March of 2003, the Group acquired the Swiss private bank Rued, Blass & Cie AG Bankgeschaeft. The acquisition resulted in the recording of goodwill and intangible assets of € 59 million and € 10 million, respectively.
In February 2003, the Group completed the sale of 80% of its late-stage portfolio , which had been managed under the Corporate Investments Group Division. Prior to the sale, the private equity portfolio was written down to its fair value .
In January 2003, the Group completed the sale of most of its Passive Asset Management business to Northern Trust Corporation resulting in a gain of € 55 million.
In 2003, the Group recognized a gain of € 583 million related to the sale of its Global Securities Services business. In January 2003, the Group sold substantial parts of this business to State Street Corporation. The business units included in the sale were Global Custody , Global Funds Services (including Depotbank Services), and Agency Securities Lending. In addition, Domestic Custody and Securities Clearing in the U.S. and the United Kingdom were included. The completion of the sale of the Italian and Austrian parts of the business occurred in the third quarter of 2003 in a separate but related transaction.
In January 2003, part of the German commercial real estate financing activities were transferred to EUROHYPO AG. This increased the Group’s share of EUROHYPO AG to 37.7%. EUROHYPO AG resulted from the merger in 2002 of the Group’s former mortgage banking subsidiary “EUROHYPO AG Europäische Hypothekenbank der Deutschen Bank” with the mortgage banking subsidiaries of Dresdner Bank AG and Commerzbank AG. This transaction resulted in a deconsolidation from the Group's consolidated financial statements. Together with the related contribution of part of the Group’s London-based real estate investment banking business to EUROHYPO AG, the Group recognized a net gain of € 438 million in 2002. After the merger, the Group's share in the combined entity was 34.6%. Since the merger in August 2002, the Group has accounted for this investment under the equity method .
In 2003, the Group recognized a loss of € 57 million related to the sale of most of the remaining assets of its commercial finance operation in North America. During 2001, the Group had committed to a plan to dispose of this operation and, therefore, the business was valued at the lower of carrying value or fair value less cost to sell, resulting in a € 80 million charge. During 2002, the commercial and consumer finance businesses of Deutsche Financial Services were sold resulting in an additional net loss of € 236 million.
In the second quarter of 2002, the Group purchased Zurich Scudder Investments, Inc., the Scudder asset management business. This transaction was treated as an exchange of the Group's German insurance holding company Versicherungsholding der Deutschen Bank Aktiengesellschaft (Deutscher Herold) and a net cash payment of approximately € 1.7 billion for Scudder. The purchase resulted in goodwill of approximately € 1.0 billion and indefinite useful life intangible assets of € 1.1 billion. In addition, Deutsche Bank sold insurance subsidiaries domiciled in Spain, Italy, and Portugal. These transactions resulted in gains of € 494 million in Private & Business Clients and € 8 million in Asset and Wealth Management.
In April 2002, the Group acquired RoPro U.S. Holding, Inc., which is the holding company for the U.S.-based real estate investment manager RREEF. The purchase price for this acquisition amounted to approximately U.S.$ 501 million. Goodwill amounted to U.S.$ 306 million.
The acquisitions and disposals that occurred in 2003 had no significant impact on the Group’s total assets.