SEC Form 20-F - Deutsche Bank Annual Report 2012

Deutsche Bank Additional Notes F-165
Annual Report 2010 on Form 20-F 38 – Information on Subsidiaries
38 –
Information on Subsidiaries
Deutsche Bank AG is the direct or indirect holding company for the Group’s subsidiaries.
Significant Subsidiaries
The following table presents the significant subsidiaries Deutsche Bank AG owns, directly or indirectly.
Subsidiary Place of Incorporation
Taunus Corporation 1 Delaware, United States
Deutsche Bank Trust Company Americas 2 New York, United States
Deutsche Bank Securities Inc. 3 Delaware, United States
Deutsche Bank Luxembourg S.A. 4 Luxembourg
Deutsche Bank Privat- und Geschäftskunden Aktiengesellschaft 5 Frankfurt am Main, Germany
DB Valoren S.á.r.l. 6 Luxembourg
DB Equity S.á.r.l. 7 Luxembourg
Deutsche Postbank AG 8 Bonn, Germany
1 This company is a holding company for most of the Group subsidiaries in the United States.
2 This company is a subsidiary of Taunus Corporation. Deutsche Bank Trust Company Americas is a New York State-chartered bank which originates loans and other
forms of credit, accepts deposits, arranges financings and provides numerous other commercial banking and financial services.
3 Deutsche Bank Securities Inc. is a U.S. SEC-registered broker dealer and is a member of the New York Stock Exchange and regulated by the Financial Industry
Regulatory Authority. It is also regulated by the individual state securities authorities in the states in which it operates.
4 The primary business of this company comprises Treasury and Markets activities, especially as a major supplier of Euro liquidity for Deutsche Bank Group. Further
business activities are the international loan business, where the bank acts as lending office for continental Europe and starting 2010 as risk hub for the loan
exposure management group, and private banking.
5 The company serves private individuals, affluent clients and small business clients with banking products.
6 This company is a holding company for Deutsche Bank subgroups in Australia, New Zealand, and Singapore. It is also the holding company for DB Equity S.á.r.l.
7 The company is the holding company for a part of the Group’s stake in Deutsche Postbank AG.
8 The business activities of this company comprise retail banking, business with corporate customers, money and capital markets activities as well as home savings loans.
The Group owns 100 % of the equity and voting interests in these significant subsidiaries, except for Deutsche
Postbank AG, of which the Group owns shares representing 52.03 % of the equity and voting rights as of
December 31, 2010, and, taking into account certain financial instruments held by us, a total equity interest of
79.45 %. They prepare financial statements as of December 31, 2010 and are included in the Group’s
consolidated financial statements. Their principal countries of operation are the same as their countries
of incorporation.
Subsidiaries may have restrictions on their ability to transfer funds, including payment of dividends and
repayment of loans, to Deutsche Bank AG. Reasons for the restrictions include:
— Central bank restrictions relating to local exchange control laws
— Central bank capital adequacy requirements
— Local corporate laws, for example limitations regarding the transfer of funds to the parent when the
respective entity has a loss carried forward not covered by retained earnings or other components of capital.