Deutsche Bank has announced a takeover offer of Deutsche Postbank AG (Postbank; A-/Positive/A-2) and a €9.8 billion rights issue. The integration of Postbank may improve Deutsche Bank's stand-alone credit profile over the long term by reducing the high concentration of group revenues from its investment banking division. This will hinge on Deutsche Bank's success in improving the efficiency of Postbank's retail operations. We are affirming the 'A+/A-1' long- and short-term counterparty credit ratings on Deutsche Bank AG. The stable outlook reflects our view that Deutsche Bank will profit from its strong global franchise in corporate and investment banking in line with the global economic recovery, as it integrates Postbank. On Sept. 15, 2010, Standard&Poor's Ratings Services affirmed its
