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Press Release Deutsche Bank @
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CONTACTS: Marc Lingnau Stephen Davidson
Press Office Investor Relations
212-469-3993 212-469-7125
[email protected] [email protected]
DEUTSCHE BANK COMPLETES ACQUISITION OF
NATIONAL DISCOUNT BROKERS GROUP, INC.
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NEW YORK, December 1, 2000 - Deutsche Bank AG today announced the completion of
its acquisition of National Discount Brokers Group, Inc. (NYSE: NDB). Its wholly
owned subsidiary, Deutsche Acquisition Corp. merged with NDB at 11:59 p.m. last
night. Under the terms of the merger, all remaining stockholders of NDB will
receive $49 in cash upon surrender of the certificates for their shares to a
paying agent appointed for that purpose. A notice of merger and letter of
transmittal for surrendering shares will be mailed shortly to those holders of
NDB common stock who did not tender their shares in the recently concluded
tender offer.
For Deutsche Bank, the transaction marks an important step toward enhancing its
global equities capabilities. Deutsche Bank will now make markets in more than
4,000 NASDAQ and OTC securities and will be, by volume, one of the five largest
NASDAQ market makers. In addition, Deutsche Bank also benefits from NDB's
trading technology platform.
The transaction also combines two complementary online brokerage operations.
NDB.com, recently ranked #1 in Barron's Best of Online Brokers survey in 2000,
has 268,900 customer accounts and $11.2 billion in customer assets. Deutsche
Bank's online brokerage, Brokerage 24, is already a leading brokerage in Europe.
"This combination greatly strengthens our global equities platform," said Kevin
Parker, Global Head of Cash Equities, Sales and Trading at Deutsche Bank. "NDB's
businesses and highly regarded management, combined with Deutsche Bank's Global
Equities franchise, will be a powerful force in the NASDAQ."
With over EUR995 billion in assets as of September 30, 2000 and approximately
93,000 employees, Deutsche Bank offers its clients unparalleled financial
services throughout the world. It ranks among the leaders in asset management,
capital markets, corporate finance, custody, cash management and private
banking. Deutsche Bank is divided into five major business units: Global
Corporates and Institutions, Global Technology and Services, Asset Management,
Corporates and Real Estates and Private and Retail Banking.
