Global Corporate Finance (CB&S) 

The Global Corporate Finance Business Division comprises advisory, equity capital markets, credit trading, debt products and client coverage.

In 2004 Global Corporate Finance had a strong year despite strong competition resulting in a pressure on margins in some products, especially in Europe.

Deutsche Bank remained the leading player in Europe, as measured by share of investment banking fee pool in 2004, according to Dealogic. We moved into the top five in the Asia-Pacific fee pool and maintained a top ten position in the Americas.

Deutsche Bank’s M&A business had a strong year. We advanced to No. 7 in the advisor rankings for global announced M&A. In the two busiest M&A markets in Europe, Germany and the U.K., Deutsche Bank ranked No. 2 and No. 3 respectively.

In Germany, Deutsche Bank maintained its market leadership in all areas of Corporate Finance. By transaction volume (Thomson Financial), Deutsche Bank was No. 1 in Debt, and No. 2 in Equity and M&A and won a number of prestigious industry awards.

Equity capital markets continued to be challenging in 2004. However, Deutsche Bank demonstrated its continued strength by maintaining a top ten position. Deutsche Bank was involved in some of 2004’s most significant transactions including the IPO of a major European telecommunications provider. The bank created an innovative IPO in Germany using a combined accelerated equity placement and exchangeable bond structure for the first time ever.

Although volume in the equity-linked business was lower compared to 2003, Deutsche Bank outperformed the market, confirming its No. 1 position in Europe and rising to top ten positions in the U.S. and Asia-Pacific.

Deutsche Bank’s high yield debt business had a very strong year. Globally, we rank among the top three players, and in Europe, we maintained our No. 1 market position. The bank was also clear leader in Germany with a market share in excess of 50%.

2004 was also a very strong year for Distressed Products and Credit Trading at Deutsche Bank. We are a global leader in both markets.

In the fourth quarter of 2004, Deutsche Bank completed the acquisition of Berkshire Mortgage Finance, one of the largest multi-family mortgage loan origination and servicing businesses in the U.S. This business has an annual origination volume in excess of U.S.$ 3 billion and a servicing portfolio greater than U.S.$ 18 billion.