Deutsche Bank AG (AA-/Stable/A-1+) today announced that it has started to buy back up to 10% of its share capital, intending to improve the group's ROE and earnings per share. This is in line with Standard&Poor's expectations and will have no impact on the ratings on Deutsche Bank. The program is part of Deutsche Bank's capital strategy, and it has to be seen in context with the accelerated disposal of nonstrategic shareholdings. These disposals will lead to sizable tax-free gains, and a strong increase in retained earnings. Parts of these gains will be returned to the shareholders through the share buy-back program. However, Deutsche Bank remains committed to maintain sound capital levels that are consistent with its risk
