Acquisitions and Dispositions

12 Months Ended

Dec. 31, 2025

03 — Acquisitions and dispositions

Business combinations

During 2025 and 2024, the Group did not undertake any acquisitions accounted for as business combinations.

In April 2023, Deutsche Bank announced that it had reached an agreement on an all-cash offer for the acquisition of

Numis Corporation Plc (“Numis”). On October 13, 2023, the acquisition was completed and Deutsche Bank acquired a

100% interest in Numis for a cash purchase price of € 460 million (GBP 397 million). Following the acquisition of Numis,

the determination of the fair values of the identifiable assets acquired and liabilities assumed as of the acquisition date

had been finalized in the fourth quarter 2023 with details included in the table below. Other intangible assets identified

in the purchase price allocation included customer relationships (€ 56 million) and trade name (€ 27 million). Goodwill of

€ 235 million identified in the purchase price allocation mainly represented the expected future economic benefit of

synergies and the value of human capital.

Fair Value of Assets Acquired and Liabilities Assumed as of the Acquisition Date


in € m.		October 13, 2023
Cash consideration transferred		460
Total consideration transferred		460

Recognized amounts of identifiable assets acquired and liabilities assumed:1
Interbank balances (w/o central banks)		126
Securities borrowed		10
Financial assets at fair value through profit or loss		44
Property and equipment		53
Other intangible assets		84
All other assets		410
Total assets acquired		727
Financial liabilities at fair value through profit or loss		14
All other liabilities		488
Total liabilities assumed		502
Total identifiable net assets		225
Goodwill		235
Total identifiable net assets and goodwill acquired		460

1By major class of assets acquired and liabilities assumed

Deutsche Bank assigned goodwill resulting from the Numis acquisition to the Investment Bank cash-generating unit

(CGU). Given the valuation of the Investment Bank CGU, following the acquisition, goodwill recognized for Numis was

considered impaired and written off in the fourth quarter of 2023 (also refer to Note 23 “Goodwill and Other Intangible

Assets”).

Dispositions

There were no dispositions in 2025 and 2024, but the Group had finalized several dispositions of subsidiaries/businesses

during 2023. These disposals were mainly comprised of businesses that were previously classified as held for sale. The

total consideration for 2023 dispositions received in 2024 and 2023 (thereof in cash) was € 3 million (cash € 3 million)

and € 117 million (cash € 99 million), respectively. The table below shows the assets and liabilities that were included in