Moody's: Deutsche Bank unchanged

Moody's Investors Service said the Aa1/Prime-1/B ratings of Deutsche Bank AG and the Aa2/Prime-1/C+ ratings of Deutsche Postbank AG were unchanged following the announcement by Deutsche Post AG that it accepted Deutsche Bank's offer to purchase a minority stake in Deutsche Postbank.

The outlook remains stable for both banks.

The offer is for 29.75% of Deutsche Postbank's share capital, and the agreement provides the option for Deutsche Bank to acquire further shares in Deutsche Postbank at a later date, with a view to possibly ultimately achieving a majority stake. In turn, Deutsche Post has a put option to sell another stake in Deutsche Postbank, again at a later date.

The agency said its decision to leave the ratings of Deutsche Bank unchanged is based on its understanding that the bank intends to neutralize the dilutive effect of the acquisition on its capital in the short term.

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