Expected extraordinary group support from its German savings banks owners if needed. One of the leading domestic asset managers, benefitting from integration into the German savings bank sector. Adequate capital levels and liquidity compared with other German commercial banks. Potential earnings volatility due to sensitivity of revenues to capital markets conditions. Lower level of risk diversification and higher operational and reputational risks than peers. Reliance on wholesale funding. The outlook on DekaBank Deutsche Girozentrale (DekaBank), Germany-based provider of asset management and securities services for savings banks, is positive. It reflects the potential that we might reassess DekaBank as a core member of the group of German savings banks in the next 12 months, which would lead to a one-notch upgrade.
