38 – Information on Subsidiaries


Deutsche Bank is the direct or indirect holding company for the Group’s subsidiaries.

Significant Subsidiaries

The following table presents the significant subsidiaries Deutsche Bank owns, directly or indirectly as of December 31, 2012.

Subsidiary

Place of Incorporation

1

Taunus Corporation is one of two top-level holding companies for the group’s subsidiaries in the United States. Effective February 1, 2012, Taunus Corporation is no longer a bank holding company under Federal Reserve Board regulations.

2

Deutsche Bank Securities Inc. is a U.S. company registered as a broker dealer and investment advisor with the Securities and Exchange Commission, a municipal advisor with the Municipal Securities Rulemaking Board, and a futures commission merchant with the Commodities Future Trading Commission. It is a member of the New York Stock Exchange and various other exchanges.

3

German American Capital Corporation is engaged in purchasing and holding loans from financial institutions, trading and securitization of, mortgage whole loans and mortgage securities, and providing collateralized financing to counterparties.

4

Deutsche Bank Trust Corporation is a bank holding company under Federal Reserve Board regulations.

5

Deutsche Bank Trust Company Americas is a New York State-chartered bank and member of the Federal Reserve System. It originates loans and other forms of credit, accepts deposits, arranges financings and provides numerous other commercial banking and financial services.

6

The primary business of this company comprises Treasury and Markets activities, especially as a major supplier of Euro liquidity for Deutsche Bank Group. Further business activities are the international loan business, where the bank acts as lending office for continental Europe and as risk hub for credit portfolio strategies group, and private banking. The company serves private individuals, affluent clients and small business clients with banking products.

7

This company, in which DB Capital Markets (Deutschland) GmbH and DB Finanz-Holding GmbH indirectly own 100 % of the equity and voting interests, is a limited liability company. DWS Investment GmbH is the major German investment management company (KAG) managing traditional mutual funds issued by DWS Investment GmbH and issued by DWS Investment S.A. Luxembourg.

8

The company serves private individuals, affluent clients and small business clients with banking products.

9

The company holds the majority stake in Deutsche Postbank AG and a part of the group’s stake in DWS Holding & Service GmbH.

10

This company is a holding company for the group’s subgroups in Australia, New Zealand, and Singapore. It is also the holding company for DB Equity S.à.r.l.

11

This company holds a part of the group’s stake in Deutsche Postbank AG.

12

The business activities of this company comprise retail banking, business with corporate customers, money and capital markets activities as well as home savings loans.

Taunus Corporation1

Delaware, United States

Deutsche Bank Securities Inc.2

Delaware, United States

German American Capital Corporation3

Delaware, United States

Deutsche Bank Trust Corporation4

New York, United States

Deutsche Bank Trust Company Americas5

New York, United States

Deutsche Bank Luxembourg S.A.6

Luxembourg

DWS Investment GmbH7

Frankfurt am Main, Germany

Deutsche Bank Privat- und Geschäftskunden Aktiengesellschaft8

Frankfurt am Main, Germany

DB Finanz-Holding GmbH9

Frankfurt am Main, Germany

DB Valoren S.à r.l.10

Luxembourg

DB Equity S.à r.l.11

Luxembourg

Deutsche Postbank AG12

Bonn, Germany

The Group owns 100 % of the equity and voting interests in these subsidiaries, except for Deutsche Postbank AG, of which the Group own shares representing approximately 94.1 % of equity and voting rights. Further detail is included in Note 04 “Acquisitions and Dispositions”. These subsidiaries prepare financial statements as of December 31, 2012 and are included in the Group’s consolidated financial statements. Their principal countries of operation are the same as their countries of incorporation.

Subsidiaries may have restrictions on their ability to transfer funds, including payment of dividends and repayment of loans, to Deutsche Bank AG. Reasons for the restrictions include:

  • Central bank restrictions relating to local exchange control laws
  • Central bank capital adequacy requirements
  • Local corporate laws, for example limitations regarding the transfer of funds to the parent when the respective entity has a loss carried forward not covered by retained earnings or other components of capital.

Subsidiaries where the Group owns 50 percent or less of the Voting Rights

The Group also consolidates certain subsidiaries although it owns 50 % or less of the voting rights. Most of those subsidiaries are special purpose entities (“SPEs”) that are sponsored by the Group for a variety of purposes.

In the normal course of business, the Group becomes involved with SPEs, primarily through the following types of transactions: asset securitizations, commercial paper programs, repackaging and investment products, mutual funds, structured transactions, leasing and closed-end funds. The Group’s involvement includes transferring assets to the entities, entering into derivative contracts with them, providing credit enhancement and liquidity facilities, providing investment management and administrative services, and holding ownership or other investment interests in the entities.

Investees where the Group owns more than half of the Voting Rights

The Group owns directly or indirectly more than half of the voting rights of investees but does not have control over these investees when

  • another investor has the power over more than half of the voting rights by virtue of an agreement with the Group, or
  • another investor has the power to govern the financial and operating policies of the investee under a statute or an agreement, or
  • another investor has the power to appoint or remove the majority of the members of the board of directors or equivalent governing body and the investee is controlled by that board or body, or when
  • another investor has the power to cast the majority of votes at meetings of the board of directors or equivalent governing body and control of the entity is by that board or body.