Central mutual-fund asset manager of the German savings banks sector, with a strong market position Stable flow of dominant commission income from the asset-management business Sound quality of the corporate loan portfolio Strong liquidity Strong capitalization In line with the industrywide trend, new business is concentrated on lower-margin funds Market share substantially below that of the savings banks sector in other banking areas Potentially volatile profitability of the bank's wholesale banking business, due to sizable credit-spread risk Remaining, albeit significantly reduced, indirect exposure to the more difficult German real estate market through stock of DekaBank property-funds certificates Reliance on wholesale funding The counterparty credit ratings on Germany-based DekaBank Deutsche Girozentrale (DekaBank) are based on the bank's strong position in the
