Company: ADZCF
Filing Date: 2025-03-13
Form Type: 20-F
Source: 0001159508-25-000020
Chunk: 23

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-03-13
Form: 20-F
Chunk 23
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 equity targets. Where the bank sells businesses, it may remain exposed to certain losses or risks under the terms of the sale contracts, and the process of separating and selling such companies or businesses may give rise to operating risks or other losses. Unfavorable business or market conditions may make it difficult for the bank to sell companies, businesses or assets at favorable prices, or may preclude a sale altogether.

| 18 |

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

Deutsche Bank may have difficulty in identifying, integrating, and executing business combinations or other types of investments which could impact the bank’s financial performance. In addition, avoiding business combinations could also materially harm the bank’s results of operations and share price. Deutsche Bank considers business combinations and other types of investments from time to time. If the bank were to announce or complete a significant business combination, its share price or the share price of the combined entity could decline significantly if investors viewed the transaction as too costly, dilutive to existing shareholders or unlikely to improve the bank’s competitive position. Also, the need to revalue certain classes of assets at fair value in a business combination may make transactions infeasible. If Deutsche Bank decided to acquire an entity or other types of investments (e.g., equity method investments), it is generally not feasible to complete all aspects of a review for any business prior to completion of the business combination. As a result, the business combination, or other types of investments, may not perform as well as expected or the bank may fail to integrate the combined entity’s operations successfully. Failure to complete announced business combinations or failure to achieve the expected benefits of any such combination or investments could materially and adversely affect profitability. Such failures could also affect investors’ perception of the business prospects and management of the bank, and cause the share price to fall. It could also lead to departures of key employees or lead to increased costs and reduced profitability if the bank offered key employees financial incentives to remain. If Deutsche Bank avoids or is unable to enter into business combinations or if announced or expected transactions fail to materialize, market participants may perceive the bank negatively. The bank may also be unable to expand its businesses, especially into new business areas, as quickly or successfully as competitors if the bank does so through organic growth alone. These perceptions and limitations could cost the bank business and harm its reputation, which could have material adverse effects on the financial condition, results of operations and liquidity. Intense competition, in Deutsche Bank’s home market of Germany as well as in