The ratings of  Deutsche Bank  AG  (DB)  are  based on  its  strong position in
commercial banking in Germany and its good global international franchise in
corporate and  investment  banking.  The IDR benefits  from Fitch Ratings’
expectation that DB will gain a majority stake in Deutsche Postbank (DPB),
which will make it Germany’s leading retail bank. Further positive rating factors
include revenue diversification, sound liquidity and diversified funding, ongoing
risk  reduction and  improving capitalisation. The ratings  also factor  in DB’s
vulnerability to market volatility and risks from corporate/investment banking.