Central mutual-fund asset manager for the German savings banks sector Strong albeit somewhat weakened position in the German mutual funds market Stable flow of dominant commission income from the asset-management business Sound quality of loan portfolio Ongoing outflows from higher yielding mutual funds categories and market share losses in the institutional funds business Remaining albeit significantly reduced exposures to the difficult German real estate market weighs on risk profile Modest franchise and profitability of its wholesale banking business Reliance on wholesale funding The counterparty credit ratings on Germany-based DekaBank Deutsche Girozentrale (DekaBank) reflect its improved stand-alone profile and are based on its strong albeit in recent years somewhat weakened market position in the German mutual funds market, which strongly benefits
