The ratings on Deutsche Bank AG reflect the bank's position as the largest banking group in Germany and one of the most important financial institutions in Europe. Furthermore, Deutsche Bank enjoys strong market positions in its core areas of Retail and Private Banking and Asset Management, and an improved position in selected areas of investment banking globally. Standard&Poor's also acknowledges the progress Deutsche Bank has made in establishing a well-diversified, customer-driven investment banking franchise, with strong revenue generating capabilities, as well as managing to limit the earnings impact on the division's performance in the second half of 2000, and the first half of 2001. The ratings are also based on the diversity of the bank's customer base and
