Company: ADZCF
Filing Date: 2025-03-13
Form Type: 20-F
Source: 0001159508-25-000020
Chunk: 81

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-03-13
Form: 20-F
Chunk 81
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 requirements compared to those envisaged so far in the implementation of final Basel III and less stringent capital market supervision, including of crypto assets, could support both banking sector and financial market growth. More immediately, a lower burden from unrealized losses on securities portfolios, either through bond sales or due to declining interest rates, would probably strengthen investor confidence in banks’ balance sheets further. Banks in China may continue to suffer from the economic slowdown, and particularly the crisis in the real estate sector, as well as from additional interest rate cuts, and the potential ramifications of a trade war with the U.S. However, mitigating action adopted by the government such as fiscal stimulus and more expansionary monetary policy should strengthen the economy and also banks’ performance. Japanese banks are likely to benefit from slowly rising rates, on top of a rebound in economic growth. In Deutsche Bank’s home market Germany, the retail banking market remains fragmented, and the competitive environment is influenced by the three-pillar system of private banks, public banks and cooperative banks. In recent years, competitive intensity remained elevated following some consolidation activity, particularly among public regional banks ( Landesbanken) and private banks, and increased activity levels from foreign players. Looking at the wider banking ecosystem, the evolution of financial technology firms remains as much an opportunity as a challenge for banks. While the bank sees the risk of banking disruption primarily through big technology companies and in select product areas, particularly the unregulated segments, many banks have also taken the opportunity to partner with financial technology firms and leverage their solutions, including in the field of artificial intelligence, to become more efficient and/or develop differentiated delivery channels for end clients. In addition, private credit firms are increasingly becoming active as competitors for banks, especially in the U.S. market.

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

Regulatory environment Various new legislative and regulatory proposals were issued in recent years, covering topics such as regulatory capital, liquidity, resolution planning, central bank digital currencies and digital assets and the banking turmoil of spring 2023 in the U.S. Capital, liquidity and leverage requirements– During 2024, the EU co-legislators finalized, adopted and published the comprehensive package of reforms with respect to European Union banking rules which implement the Final Basel III set of global reforms, changing how banks calculate their Risk Weighted Assets. The package amends the EU Capital Requirements Regulation (CRR) and the Capital Requirements Directive (CRD). CRR3 and CRD 6 include, among other