ABN AMRO said that the sale of 709 million euros worth of its assets was no longer valid. ABN AMRO was orginially purchased by Fortis and so had to sell parts of its assets to comply with antitrust legislation. However, since Fortis was broken up and partly nationalized, ABN AMRO said the sale was no longer valid.
Deutsche Bank confirmed that it will acquire a 29.75% stake in Deutsche Postbank for €2.79 billion. With this acquisition, Deutsche Bank will become the majority shareholder of Postbank, which is Germany's laregest retail bank.
Deutsche Bank announced that it will buy a 30% stake in Postbank for $3.9B
After a short rally on December 12th following an interest rate cut by the U.S. Fed, European and U.S. stocks fell once again. Main drivers were a preceding decline in Asian stock markets and concerns that the rate cuts and capital infusions by central banks wouldn't be enough to contain the credit crisis.
On November 13, 2007, Deutsche Bank's CEO announced that the firm did not expect to see any further write-downs on its assets. This followed a similar announcement from Goldman Sachs, giving investors confidence that these two firms' seemingly adept management of the credit crisis will continue into the future.
On Wednesday, October 31, Deutsche Bank announced a 31% increase in third-quarter net income over 2006. While it did take write-downs of over $3bn for the quarter, a tax gain and strong performance in other divisions helped offset the losses in its investment banking segment.
