Company: ADZCF
Filing Date: 2025-03-13
Form Type: 20-F
Source: 0001159508-25-000020
Chunk: 133

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-03-13
Form: 20-F
Chunk 133
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 commission merchant and commodity pool operator. Under the Dodd-Frank Act, entities that are swap dealers or major swap participants are required to register with the CFTC and entities that are security-based swap dealers or major security-based swap participants are required to register with the SEC. Deutsche Bank AG is registered as a swap dealer with the CFTC and a security-based swap dealer with the SEC. As a registrant, Deutsche Bank AG is subject to certain requirements relating to capital, margin, business conduct standards and recordkeeping, among others.

| 75 |

| Deutsche Bank                   |
| Annual Report 2024 on Form 20-F |

Organizational Structure In 2024, Deutsche Bank operated its business along the structure of four corporate divisions. Deutsche Bank AG is the direct or indirect holding company for its subsidiaries. The following table sets forth the significant subsidiaries the Group owns, directly or indirectly, as of December 31, 2024. Deutsche Bank used the three-part test set out in Section 1-02 (w) of Regulation S-X under the U.S. Securities Exchange Act of 1934 to determine significance. The bank does not have any other subsidiaries it believes are material based on other less quantifiable factors. Deutsche Bank owns 100 % of the equity and voting interests in these subsidiaries except for DWS Group GmbH & Co. KGaA, of which it owns 79.49 % of equity and voting interests. These subsidiaries are included in the consolidated financial statements and prepare standalone financial statements as of December 31, 2024. The principal countries of operations are the same as the countries of incorporation.

| Subsidiary                                     |     | Place of Incorporation     |
| DB USA Corporation1                            |     | Delaware, United States    |
| Deutsche Bank Americas Holding Corporation2    |     | Delaware, United States    |
| DB U.S. Financial Markets Holding Corporation3 |     | Delaware, United States    |
| Deutsche Bank Securities Inc.4                 |     | Delaware, United States    |
| Deutsche Bank Trust Corporation5               |     | New York, United States    |
| Deutsche Bank Trust Company Americas6          |     | New York, United States    |
| Deutsche Bank Luxembourg S.A.7                 |     | Luxembourg                 |
| DB Beteiligungs-Holding GmbH8                  |     | Frankfurt am Main, Germany |
| DWS Group GmbH & Co. KGaA9                     |     | Frankfurt am Main, Germany |

1 DB USA Corporation is the top-level holding