Deutsche Bank AG - Historische Gesellschaft der Deutschen Bank e.V.

We arranged three medium-term notes pro- Foreign exchange and precious metals
grammes in D-Marks with an aggregate volume of
The good income of the previous year was once
DM 1.3 bn. In addition, Deutsche Bank Group took
again surpassed in foreign exchange and precious
part in 43 international share issues and further
metals business, with the contribution from the
placements in regional mürkets.
foreign branches showing a gratifying increase.
In our customers' hedging operations against exchange-rate
risks - chiefly in non-EMS currencies -
Swap business expanded
innovative methods of risk management, including
We widened our activities in swap business by technical analysis, gained further importance.
setting up new swap teams in Amsterdam and
Sydney and by moving into major Western currencies
(incl. the ECU). Business in option products in the
interest rate sector, which was commenced in the
previous year, has become well established.
6. International business influenced
by foreign trade
Despite growing competition, we enhanced our
traditionally strong market position of more than 20%
in the financial settlement of German foreign trade.
We were able to expand business in export financ-
ing.
The growing importance of countertrade transac-
tions in the international sector gave us numerous
opportunities to support our customers in the struc-
turing and settlement of such deals.
Project finance
We strengthened our position as one of the
world's leading banks in project finance by widening
our presence in Asia and Australia. In 1989 the focus
was on commodities, energy and infrastructure pro-
jects. Communications and waste disposal are be-
coming increasingly important areas. We act as fin-
ancial advisor in a number of major European pro-
jects.