The ratings on Deutsche Bank AG reflect the bank's strong global corporate and investment banking business, good performance in global transaction banking, consistent strategy, and high systemic importance. These strong points are offset by continued high concentration of revenues and profits from investment banking lines, which are more volatile than other businesses in the industry, and the relatively small contributions to pretax income from private clients and asset management. In September 2010, Deutsche Bank announced a takeover offer for Deutsche Postbank AG (Postbank; A-/Watch Pos/A-2) and a €10.2 billion rights issue to finance the offer and build capital. This is a potentially transformational acquisition. We believe that Deutsche Bank has high systemic importance to the German financial industry due to
