Deutsche Bank: Αυξάνει στα 3,35 την τιμή στόχο για Alpha Bank
Με φόντο τις κινήσεις ανάδειξης αξίας της Alpha Bank στο πεδίο των συγχωνεύσεων και εξαγορών, η Deutsche Bank αυξάνει την τιμή στόχο στα 3,35 ευρώ από 3 ευρώ, με σύσταση buy.
Όπως αναφέρουν οι αναλυτές, τα αποτελέσματα του πρώτου τριμήνου του 2025 της Alpha Bank κατέδειξαν μια σταθερή βάση και μια λαμπρή προοπτική, αξιοποιώντας την ισχυρή αύξηση των δανείων (+13% σε ετήσια βάση) και τη σημαντική ανθεκτικότητα σε χαμηλότερα επιτόκια, όντας η λιγότερο ευαίσθητη τράπεζα μεταξύ των ανταγωνιστών.
Επιπλέον, ο επενδυτικό οίκος αναμένεει περαιτέρω βελτίωση από στρατηγικές κινήσεις συγχωνεύσεων και εξαγορών (οι εξαγορές της Astrobank και της Axia Ventures) που αξιοποιούν έξυπνα τα πλεονάζοντα κεφάλαια, συμβάλλοντας στη συνολική δυναμικής της τράπεζας με υποστήριξη τόσο στα καθαρά κέρδη από τόκους, τα οποία θα πρέπει να παραμείνουν αμετάβλητα το 2025, ακολουθούμενα από σημαντική ανάπτυξη αργότερα, όσο και στις προμήθειες.
Τα τελευταία αντικατοπτρίζουν ήδη τον θετικό αντίκτυπο από τη συμφωνία με την Unicredit, με τις εκτιμήσεις του οίκου να προβλέπουν διψήφια αύξηση των προμηθειών έως το 2025-27, αποτελώντας σημαντική στήριξη για τα βασικά έσοδα.
Deutsche Bank partners with AI firm finaXai to transform tokenised funds servicing with cutting-edge AI
Deutsche Bank is collaborating with finaXai, a Singapore-based AI company co-founded by researchers from Nanyang Technological University, Singapore (NTU Singapore) and the National University of Singapore (NUS). The collaboration will assess a significant extension of Project DAMA 2, the public-permissioned multi-chain asset servicing pilot focused on transforming how asset managers can more efficiently manage and service tokenised funds and their investors.
FinaXai is also part of the Fincubator programme at the Asian Institute of Digital Finance (AIDF), a university-level institute in NUS jointly established by the Monetary Authority of Singapore, the National Research Foundation and NUS, to support the development of fintech startups focused on deep technology and digital finance innovation.
The team will explore integrating Machine Learning and Large Language Models (LLMs) into asset servicing workflows, leveraging explainable AI to help asset managers plan and execute fund lifecycle activities with greater speed, transparency, and precision.
Anand Rengarajan, Deutsche Bank’s Head of Securities Services APAC & MEA and Global Head of Sales said: “We are delighted to work with a diverse mix of experts from the academic and innovation worlds to contribute to the future of tokenised assets. Through this collaboration, we unify leading research-backed solutions with industry applications to reduce complexity and boost AI’s explainability and integration with DLT. With this work, we seek to better understand and anticipate our asset manager clients’ needs as they explore the future of tokenisation.”
Dr. Erik Cambria, Co-Founder of finaXai and Professor, College of Computing and Data Science, NTU said: “finaXai is excited to partner with Deutsche Bank in applying cutting-edge explainable AI techniques to the domains of finance and asset tokenisation. This collaboration bridges academic research with real-world applications and explores how explainable AI can converge with tokenisation to streamline processes and enhance the accessibility, adoption, and management of digital assets. Ultimately, this initiative lays the groundwork for synergies between trustworthy AI and asset managers, enabling faster, more precise planning and execution of digital asset and fund lifecycle activities.”
Dr. Gianmarco Mengaldo, Co-Founder of finaXai and Assistant Professor at the Department of Mechanical Engineering, College of Design and Engineering, NUS, said: “finaXai operates at the exciting intersection of AI applications in finance and comprises researchers from various institutions who share a common interest in exploring the frontiers of AI in this field. This collaboration demonstrates the significant impact that can be achieved when scientific interests align. The team based in NUS focuses on bridging human understanding with AI methods through explainable AI, and integrating existing knowledge into AI-driven solutions when beneficial. It will be exciting to see how our work, complemented with the work by NTU counterparts, can aid in dealing with complex real-world tasks in the financial sector.”
Deutsche Bank Annual General Meeting 2025 – a further dividend increase for shareholders
Management Board and Supervisory Board propose a dividend of € 0.68 per share for 2024, an increase of 50% compared to the previous year.
The Annual General Meeting of Deutsche Bank is to be held as a physical event at least every four years, alternating with virtual events. A physical event is already planned for 2026, barring any exceptional circumstances such as another pandemic.
This year’s AGM will again be held virtually. This year, a submission of questions in advance is no longer planned, as shareholders can now submit their questions directly via live video as part of their statements.
Kirsty Roth and Klaus Moosmayer are proposed as new members of the Supervisory Board, to succeed Dagmar Valcárcel and Theodor Weimer, whose current terms are expiring.
Sigmar Gabriel and Frank Witter are proposed for re-election for a further term.
The Annual General Meeting of Deutsche Bank AG (XETRA: DBKGn.DB / NYSE: DB) will be held as a physical event at regular intervals, which shall not exceed four years, and thus alternate with virtual events. A physical event is already planned for 2026, barring any exceptional circumstances such as another pandemic.
“The virtual format, which we have continuously developed in recent years, has unquestionable advantages: shareholders can participate regardless of their location, and the environmental impact is lower. At the same time, we are aware that some stakeholders prefer a physical event,” said Alexander Wynaendts, Chairman of the Supervisory Board. “By alternating between the two formats, we aim to meet the varying interests of different stakeholders in future. I am very much looking forward to our discussion with our shareholders at our AGM, be it virtually or once again on site in Frankfurt.”
This year’s virtual AGM again provides expanded participation opportunities for Deutsche Bank’s shareholders. It is no longer necessary to submit questions in advance; shareholders can submit their questions as part of their statements live during the event via video. The agenda for this year’s Annual General Meeting comprises 14 items and was published on 31 March 2025 in the Federal Gazette and on the bank’s website (agm.db.com).
As announced in January 2025, the Management Board and the Supervisory Board propose a cash dividend of approximately € 1.3 billion, or € 0.68 per share, for 2024. This would represent an increase of 50% compared to the € 0.45 per share paid in respect of 2023. Together with the share repurchase program launched at the beginning of April 2025 with a volume of € 750 million, the bank this year would return more than € 2.1 billion in capital to its shareholders. This would amount to a cumulative total of € 5.4 billion since 2022. This is in line with Deutsche Bank’s ambition to distribute more than € 8 billion of capital to shareholders in respect of the financial years 2021 to 2025.
Supervisory board elections
The terms of Dagmar Valcárcel, Sigmar Gabriel, Theodor Weimer and Frank Witter will expire as planned at the end of the AGM on May 22, 2025. While Sigmar Gabriel and Frank Witter will be proposed for another four-year term, Theodor Weimer has informed the bank that he will not stand for re-election. Dagmar Valcárcel will also leave the Supervisory Board with this year’s AGM. As successors, Kirsty Roth and Klaus Moosmayer, will be proposed to the AGM. Kirsty Roth is Chief Operations and Technology Officer at Thomson Reuters, the software, data and media company, where she has led comprehensive change programs and spearheaded the implementation of new technologies including cloud and artificial intelligence. Previously, she worked in the banking industry for nine years, first at Credit Suisse and then at HSBC from 2016 to 2020, also holding leadership positions in operations and technology.
Klaus Moosmayer has been Chief Ethics, Risk & Compliance Officer and a member of the Executive Committee at the Swiss pharmaceutical company Novartis since 2018. Prior to that, he worked at Siemens for 18 years in management positions of increasing responsibilities, ultimately as the Chief Compliance Officer. In addition, Moosmayer holds positions with international organizations focused on good corporate governance and anti-corruption. He is a member of the Board of the Business and Industry Advisory Committee of the OECD and co-chair of the Global Future Council on Good Governance at the World Economic Forum (WEF).
“We are delighted to propose to our shareholders two experienced managers and recognized experts in their fields as new members of our Supervisory Board,” said Supervisory Board Chairman Alexander Wynaendts. “Kirsty Roth has worked in senior management positions for many years. She will enrich the Supervisory Board with additional technology, data and AI expertise and brings extensive experience in leading innovation and change projects. Klaus Moosmayer has demonstrated his extensive expertise in control functions at two leading global corporations. He has extensive board experience and has also earned a reputation as an international thought leader on issues of good corporate governance.”
“At the same time, I would like to thank Dagmar Valcárcel and Theodor Weimer for their many contributions over the past years. With their commitment, expertise, and ability to ask the right questions, they were important pillars for our Supervisory Board and actively contributed to the development of Deutsche Bank.”
The Supervisory Board has defined general and expanded fields of expertise in its profile for requirements for Supervisory Board members, which are set out in the Bank’s latest Annual Report. The nominations contribute to further sharpening this profile.
Participation in the AGM 2025
This year’s AGM format provides the opportunity for Deutsche Bank shareholders to fully exercise their rights:
The Bank will broadcast the entire AGM, including the general debate and voting, live, both on the shareholder portal (agm.db.com/shareholderportal) and publicly on its website (agm.db.com).
The speeches of the Chairman, Alexander Wynaendts, and the Chief Executive Officer, Christian Sewing, will be published on Thursday, 15 May 2025 the latest, on the bank’s website at agm.db.com.
Shareholders can submit their statements in audio and video format live during the AGM and, in this way, exercise their right to request information in accordance with statutory provisions, among other points.
Shareholders may submit comments on the items on the agenda. The Bank will make comments received in text form by Friday, 16 May 2025, 24:00 (CEST), available on the website agm.db.com by midnight (CEST) on Saturday, 17 May 2025, at the latest.
Details on the interactive options can be found in the invitation to the AGM, which can be downloaded from agm.db.com.
Deutsche Bank and DWS launch private credit cooperation
Deutsche Bank and DWS announced the launch of a strategic cooperation to develop private credit origination and investment opportunities for DWS clients across the private credit space. As part of the cooperation, DWS will have preferred access to certain asset-based finance and direct lending opportunities originated by Deutsche Bank.
This strategic cooperation brings together Deutsche Bank’s market leadership in Fixed Income market access, liquidity provision, and financing capabilities, and the investment heritage and expertise offered by DWS’s EUR 110bn (as of 31 Dec 2024) alternatives platform. The cooperation enables DWS to leverage Deutsche Bank’s extensive sourcing and origination capabilities to provide additional private credit investment opportunities to its global client base.
At the same time, Patrick Connors will move to DWS from his current role as the European Head of the Global Credit Financing and Solutions business at Deutsche Bank to become Global Head of Private Credit at DWS. He will report to CEO Stefan Hoops. Patrick has over 20 years of experience in the private financing and credit markets and has a very broad range of expertise across all areas of the private credit market particularly in Asset-Based Finance.
Stefan Hoops, CEO at DWS, said: “Private Credit is a key offering for our clients who are looking for exposure to real-economy investments. Origination is the main differentiator for Alternative Asset Managers, especially for asset-based finance which requires very different origination channels than direct lending. Combining Deutsche Bank’s extensive and established origination expertise and wide range of real economy relationships, with DWS’s 50 years of experience in managing Alternatives is a logical step. We are excited to cooperate with Deutsche Bank across the spectrum of Private Credit and to significantly enhance our alternative credit capabilities.”
Ram Nayak, Co-Head of Investment Banking & Global Head of Fixed Income & Currencies at Deutsche Bank, added: “We are pleased to be partnering with DWS to develop private credit investment opportunities for investors. Investor demand for private credit assets is strong and we have a market leading financing business with a long track record in private credit origination across all asset classes going back more than two decades. With over EUR 1 trillion of assets under management and a global distribution network, as well as close ties to Deutsche Bank, DWS is the ideal partner to leverage our expertise, delivering our offering to their clients.”
Deutsche Bank included in Dow Jones Sustainability Index World and Dow Jones Sustainability Index Europe
Deutsche Bank returns to S&P’s Dow Jones Sustainability Index (DJSI) World and the DJSI Europe. The DJSI World comprises the top 10 percent ESG performers of the 2,500 largest companies. The threshold for an inclusion in the index was set at 65. The DJSI Europe captures the top 20 percent of ESG performers of the 600 largest European companies, requiring a minimum score of 64.
With a score of 66 out of 100 in the corresponding annual Corporate Sustainability Assessment (CSA), Deutsche Bank has now been re-included in both indices at the end of December 2024. The bank was last listed in the DJSI Europe in 2022 and in the DJSI World in 2018.
See online an index components list, detailing the companies included in the DJSI Index family.
Deutsche Bank: Αυξάνει τις τιμές – στόχους σε Πειραιώς και Alpha Bank
Η Deutsche Bank αναπροσαρμόζει τις τιμές στόχους και για τις Alpha Bank και Πειραιώς. Διατηρώντας τη σύσταση «buy» αυξάνει την τιμή στόχο για την Alpha Bank στα 2,35 ευρώ από 2,30 και για την Πειραιώς στα 5,40 ευρώ από 5 προηγουμένως, με την κάθε τράπεζα να διαφοροποιείται σε επίπεδο «story» έχοντας τα δικά της δυνατά σημεία.
Ως προς την Alpha, οι αναλυτές αναφέρονται στο ισχυρό τρίτο τρίμηνο που ήταν καλύτερο – ως επί το πλείστον – έναντι των εκτιμήσεων σε όλες τις βασικές μετρήσεις. Η κερδοφορία ενισχύθηκε στη βάση της ανθεκτικότητας των καθαρών εσόδων από τόκους, που είχαν ως «οδηγό» την εντυπωσιακή πιστωτική επέκταση και τον έλεγχο κόστους, παρά την πίεση στα yields των δανείων.
Από τη μεριά της, η Τράπεζα Πειραιώς συνεχίζει να καταγράφει ισχυρές τριμηνιαίες επιδόσεις, οδηγώντας σε αναβαθμίσεις στο συνολικό outlook. Η τράπεζα έχει ήδη ξεπεράσει την αναβαθμισμένη καθοδήγηση για το 2024 σε επίπεδο καθαρών εσόδων από τόκους και προβλέψεων, επιφέροντας περαιτέρω αναθεωρήσεις.
Η αναβάθμιση έρχεται λίγες ημέρες μετά τις αναβαθμίσεις σε ΕΤΕ και Eurobank, αντίστοιχα. Ο γερμανικός οίκος είχε ανεβάσει τον πήχη για τη μετοχή της EΤΕ στα 10,15 από 9,85 ευρώ και προέβλεπε ευρύ περιθώριο ανόδου στο 47,5% σε σχέση με τα τρέχοντα επίπεδα της μετοχής. Για τη Εurobank, μετά τα αποτελέσματα εννεαμήνου της τράπεζας, o οίκος είχε ανεβάσει τον στόχο τιμής στα 2,95 ευρώ από 2,85 ευρώ, με το περιθώριο ανόδου από τα τρέχοντα επίπεδα να αγγίζει το 50%, με τη Eurobank να τοποθετείται ανάμεσα στις κορυφαίες επιλογές από την Ευρώπη. Οι συστάσεις είναι αγορά (buy) και για τις EΤΕ και Εurobank.
Εθνική Τράπεζα: Νέα τιμή-στόχος από Deutsche Bank
Νέα, υψηλότερη τιμή-στόχο για τη μετοχή της Εθνικής Τράπεζας δίνει η Deutsche Bank σε έκθεσή της μετά τα αποτελέσματα εννεαμήνου της τράπεζας.
Ο γερμανικός οίκος ανεβάζει τον πήχη για τη μετοχή στα 10,15 από 9,85 ευρώ.
H Deutsche Bank προβλέπει ευρύ περιθώριο ανόδου, καθώς διαμορφώνεται στο 47,5% σε σχέση με τα τρέχοντα επίπεδα της μετοχής.
Ο οίκος επισημαίνει για την Εθνική Τράπεζα τη συνέχιση των σταθερών επιδόσεων αλλά και τις θετικές προοπτικές της. «Όπως αναμενόταν, η Εθνική Τράπεζα σημείωσε άλλη μια ισχυρή επίδοση στο γ’ 3ο τρίμηνο του 24, ξεπερνώντας τις προσδοκίες σε όλους τους τομείς (εξαιρουμένων των εξόδων), με κινητήρια δύναμη τα ισχυρά βασικά έσοδα. Η επίδοση αυτή ενισχύει τους στόχους της τράπεζας για το σύνολο του έτους, με θετικό πρόσημο, παρέχοντας περαιτέρω εμπιστοσύνη στη συνέχιση της ισχυρής απόδοσης, παρά την πίεση από τα χαμηλότερα επιτόκια.
Επιπλέον, μετά την τοποθέτηση του ποσοστού 10% που κατέχει το Ταμείο Χρηματοπιστωτικής Σταθερότητας (ΤΧΣ), ο κίνδυνος για τη μετοχή φαίνεται πλέον αρκετά περιορισμένος.
Ακόμη, η επιτάχυνση της απόσβεσης του DTC και ένας δείκτης CET1 που οδεύει κοντά στο 20% σε pro forma βάση επιτρέπει μια πιο θετική στάση όσον αφορά την επιστροφή κεφαλαίου.
Συνολικά, λαμβάνοντας υπόψη αυτούς τους παράγοντες, διατηρούμε την αξιολόγησή μας ως buy, δεδομένων των θετικών τάσεων και των σημαντικών δυνατοτήτων ανόδου, αυξάνοντας την τιμή στόχο κατά 3% στα 10,15 ευρώ από 9,85 ευρώ, πριν», επισημαίνει ο οίκος.
Deutsche Bank named Best Private Bank for Entrepreneurs and Best Private Bank in Germany
Professional Wealth Management (PWM), the highly respected media title from the Financial Times group, has named Deutsche Bank the “Best Private Bank for Entrepreneurs” globally and “Best Private Bank in Germany” at the PWM / The Banker Global Private Banking Awards 2024.These awards recognise the Private Bank’s transformation.Head of Private Bank Claudio de Sanctis said: “Winning ‘Best Private Bank for Entrepreneurs’ globally, and having our German wealth business recognised as the market leader for the third consecutive year, is testament to the hard work and dedication of our many teams who are building a world-class franchise and European leader.”In Europe, the Private Bank has built a market-leading franchise serving entrepreneurs and their families, most particularly in Belgium, Italy and Spain.In Italy and Spain, the franchise has successfully integrated Business Banking coverage for small- to mid-caps. This integrated approach ensures that the Private Bank can provide even more tailored support to entrepreneurs.
Head of Private Bank Italy, Spain and Belgium, Iñigo Martos, said: “Deutsche Bank’s tailored products and services meet diverse client needs through our Bank for Entrepreneurs lens. We provide holistic, high-quality service to entrepreneurial families, focusing on both their personal and business wealth. As a result, a significant part of our new business comes from synergies generated by the Bank for Entrepreneurs in key growth regions.”
In Germany, the bank has established a dedicated UHNW coverage unit to cater to the specific needs of large entrepreneurial clients.Commenting on the Germany award, Head of Wealth Management & Private Banking Germany, Raffael Gasser, said: ” The award is a great appreciation for the exceptionally strong performance of our team in times of high volatility. It is a motivation for us to continue to do the best for our clients in the future, while we continue to invest in the private banking, wealth management and UHNW proposition. “The awards were announced overnight in London at the PWM awards ceremony, which concluded the PWM Global Wealth Management Summit 2024.Deutsche Bank’s Private Bank is the Eurozone’s largest private bank, serving more than 20 million clients globally. Its Wealth Management and Private Banking businesses span 60 markets and 12 booking centres globally.
Deutsche Bank appoints Raffael Gasser as Head of Wealth Management and Private Banking in Germany
Deutsche Bank has appointed Raffael Gasser as Head of Wealth Management & Private Banking in Germany. In this business area, the bank serves affluent and wealthy up to ultra-high-net-worth clients in its home market. Effective November 1, 2024, Gasser will assume the position and become a member of the Private Bank Executive Council. He will report to Claudio de Sanctis, the Deutsche Bank Management Board Member responsible for the Private Bank.
Claudio de Sanctis said: “Throughout his career Raffael has combined business areas several times, has consistently aligned the offering to the needs of the clients and has thus enabled new business and growth. With his deep knowledge of the German market, he brings the best experience to lead our business in the home market into the next phase: As the clear market leader among affluent and wealthy clients in Germany, we now want to continue to grow through a closer integration of Private Banking and Wealth Management. I am looking forward to further driving our strategy together with Raffael.”
Gasser joins from UBS in Zurich, where he has led the Northern European business with wealthy clients. Prior to UBS, he spent 14 years at Credit Suisse in various senior positions in Wealth Management, most recently as a member of the Management Committee of Global Wealth Management and as Head of Private Banking International, the business unit for wealthy clients worldwide who were managed in Switzerland. Prior to this, he was among others as CEO of Credit Suisse in Luxembourg responsible for various European branches and before that for the German market. The Swiss national started his career in 2002 with Goldman Sachs, followed by a tenure at McKinsey & Company from 2003 to 2009 where he focused on corporate finance and banking.
Raffael Gasser said: “It is a unique mandate to lead Deutsche Bank’s Private Banking and Wealth Management as market leader in its home market. I am convinced that we can further expand our leading position through outstanding personal advice in combination with digital channels and data analysis. In addition, there is great potential in the comprehensive offering of the Global Hausbank and in connecting the Private Bank, Corporate Bank and Investment Bank, which is of particular interest to family entrepreneurs. I am pleased to join my new colleagues and the bank’s excellent advisors and to give our best for our clients every day.”
Gasser will relocate to Frankfurt with his family. He will work closely with Dominik Hennen, Head of Personal Banking, who oversees the broad retail business of Deutsche Bank and Postbank. As a member of the Private Bank Executive Council, Hennen also reports to Claudio de Sanctis. Until Gasser joins, Hennen will temporarily head private banking, while Stefanie Rühl-Hoffmann, Head of the team for ultra-high-net-worth-individuals (UHNWIs) has interim responsibility for Wealth Management in Germany.
Deutsche Bank reaches settlement with long-standing plaintiff Effecten-Spiegel AG in Postbank takeover litigation matter
In the litigation concerning the takeover of Postbank, Deutsche Bank (XETRA: DBKGn.DE / NYSE: DB) reached a settlement with the long-standing plaintiff Effecten-Spiegel AG. The proceeding initiated by Effecten-Spiegel AG is one of two actions before the Higher Regional Court of Cologne in connection with the takeover of Postbank.
The settlement includes an additional payment (including interest) of 36.50 euros per share on the then takeover offer price as proposed by the bank. Effecten-Spiegel AG as lead plaintiff pursued the litigation across all instances, including two appeals to the Federal Court of Justice; against the background of the plaintiff’s specific role in this litigation, a refund of costs has been agreed which accounts for the expenses in the long-running litigation.
Effecten-Spiegel AG was the first plaintiff who initiated proceedings against Deutsche Bank immediately after the voluntary takeover offer to the then Postbank shareholders in October 2010 and was for years the sole plaintiff in the litigation. The respective proceeding before the Higher Regional Court of Cologne will be terminated in accordance with the settlement agreement.