Deutsche named "Bank of the Year"

Deutsche Bank has won the prestigious Bank of the Year award from International Financing Review (IFR) magazine.

In awarding the accolade to the Bank for the first time, this is how the magazine described Deutsche Bank:

"Transformation is an over-used word. Only rarely does it encapsulate the essential nature and true extent of major change. For one firm, however, the word perfectly describes the shift.to a lean, aggressive, focused universal bank with a global bulge bracket pedigree.In 2003, Deutsche developed a relentless and urgent desire to succeed. It was aggressive, fast moving, innovative, and highly results focused."

Commenting on the award, Josef Ackermann said: "This is a truly outstanding accolade for our achievements this year from one of the most respected publications in our industry. It is also a massive endorsement and a clear indication the market recognizes that our strategy is working. Moreover, it reflects our strong, growing franchise with our clients. Deutsche Bank staff worldwide, who have demonstrated teamwork, commitment and innovation throughout 2003, can be proud of this award."

IFR praised Deutsche Bank for a radical and far-reaching transformation of its platform - cutting its loan book, reducing risk-weighted assets, and disposing of non-core industrial holdings and private equity investments. The magazine also applauded Deutsche Bank's pursuit of intellectual leadership in search of value-creating solutions for demanding clients. IFR commented that, in 2003, "creating progressive and innovative solutions for its own problems, and generating novel solutions for clients with an uncompromising focus on the bottom line, epitomized Deutsche Bank's performance."

Deutsche picked up 10 other major awards from IFR, including the prizes for best bond house, equity derivatives and equity-linked. A number of Deutsche-related deals were also among the award winners.