INDEX / DIRECTORY / DEUTSCHE BANK / ECONOMIC

Deutsche Bank ECONOMIC

ECONOMIC AUDIT UPDATED 2026-09-22
Economic Score 8.80 /10 B Deutsche Bank - BDS-1000 754
Economic 8.80

Evidence-only forensic audit. Scoring happens downstream - see the main dossier for the composite assessment.

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Supply Chain & Sourcing Relationships

Deutsche Bank’s reviewed Israeli entities are disclosed as financial-services businesses rather than procurement, manufacturing, distribution, or importer-of-record operations 1.

No public evidence identified in the reviewed materials of Deutsche Bank acting as a purchaser, importer of record, distributor, or seasonal procurer of Israeli agricultural products.

No public evidence identified in the reviewed materials of Israeli-product supply arrangements, settlement-produce sourcing, or associated logistics relationships involving Deutsche Bank.

Product Origin, Labeling & Regulatory Compliance

Deutsche Bank’s FY2024 shareholdings disclosure identifies Deutsche Global Markets Limited as an ancillary-services undertaking and Deutsche Securities Israel Ltd. as a financial institution, both domiciled in Tel Aviv and wholly owned by the Group 1.

The reviewed disclosures do not evidence retail products for which Deutsche Bank would make product-origin or settlement-origin labeling representations 1.

No public evidence identified in the reviewed materials of Deutsche Bank product-origin labeling, settlement-produce labeling, or retail labeling-policy activity.

No public evidence identified in the reviewed materials of Israeli manufacturing sites, importer obligations, or product-specific regulatory compliance activities by Deutsche Bank.

Investment, Capital & Financial Exposure

On 11 February 2025, Deutsche Bank AG was one of five joint bookrunners for the State of Israel’s US$5.0 billion external sovereign-bond offering, with each bookrunner allocated 20% 2.

The February 2025 offering comprised US$2.5 billion of 5.375% bonds due 2030 and US$2.5 billion of 5.625% bonds due 2035, with settlement scheduled for 19 February 2025 2.

The prospectus supplement states that the underwriters severally agreed to purchase the offered bonds subject to the underwriting agreement’s conditions, and that the underwriting group may have provided Israel banking or advisory services and expected it may do so in the future 3.

This bookrunning role evidences underwriting activity and does not by itself establish that Deutsche Bank retained the bonds as investment holdings 2.

Deutsche Bank AG was also a 25% joint bookrunner in the State of Israel’s US$8.0 billion sovereign-bond offering priced on 5 March 2024 4.

That March 2024 offering comprised US$2.0 billion of bonds due 2029, US$3.0 billion due 2034, and US$3.0 billion due 2054 4.

The November 2024 Don’t Buy into Occupation IV report attributes to Deutsche Bank aggregate relationships of US$6.463 billion in loans and US$11.595 billion in underwriting involving the report’s defined set of 58 companies for January 2021 through September 2024 5.

The same report separately reports US$613 million in bonds and US$8.405 billion in shares based on its latest filing-date data, while expressly cautioning that group-level financial relationships do not mean that all capital flowed to settlement activities 5.

Those aggregate figures are secondary-report leads rather than independently verified evidence of a particular Deutsche Bank transaction with, or finance directed to, a specified company 5.

No public evidence identified in the reviewed materials of direct lending or trade-finance facilities to Elbit Systems, another Israeli defence prime, or a specific OHCHR-listed company.

The reviewed OHCHR material is a June 2023 update concerning business enterprises involved in activities related to Israeli settlements, but no independently reviewed entity-level Deutsche Bank row was obtained for this audit 6.

No public evidence identified in the reviewed materials of Deutsche Bank sales of retail Israel Bonds through the Development Corporation for Israel; the verified transactions concern sovereign capital-markets offerings by the State of Israel 2, 4.

Operational Presence & Market Activity

Deutsche Bank AG is a German-law stock corporation with principal executive offices in Frankfurt am Main, and its Form 20-F defines the Group as Deutsche Bank AG and its consolidated subsidiaries 7.

Deutsche Bank’s FY2024 shareholdings disclosure lists Deutsche Global Markets Limited and Deutsche Securities Israel Ltd. as wholly owned Tel Aviv entities 1.

Deutsche Bank’s Israel contact page identifies Deutsche Bank Capital Markets and Investments Ltd. at 46 Rothschild Boulevard, 21st Floor, Tel Aviv 8.

The contact page is a location record and does not state that entity’s ownership percentage or explain its relationship to the two Tel Aviv entities listed in the Group’s FY2024 shareholdings disclosure 8, 1.

A 2026 Deutsche Bank job posting seeks an Israel-based salesperson in Tel Aviv and states that Deutsche Bank is a primary dealer in Israeli nominal and inflation-linked bonds 9.

The same posting describes a local client base including pension funds, asset managers, insurers, hedge funds, and large corporates, evidencing ongoing Israeli market activity 9.

On 1 July 2004, the Tel-Aviv Stock Exchange approved Deutsche Securities Israel, described as a Deutsche Bank AG subsidiary, as an exchange member with direct trading access 10.

The 2004 source does not establish that Deutsche Securities Israel’s exchange membership remains current 10.

No public evidence identified in the reviewed materials of Israeli R&D centres, data centres, settlement-area branches, real-estate holdings, or Israeli subsidiary acquisition prices or dates.

Corporate Structure & Foundational Ties

Deutsche Bank AG reports that it is the direct or indirect holding company of its subsidiaries 7.

At 31 December 2025, Deutsche Bank AG held 79.49% of the equity and voting interests in separately listed DWS Group GmbH & Co. KGaA and held 100% of equity and voting interests in the other subsidiaries classified as significant in its Form 20-F 7.

The reviewed records establish a German incorporation, Frankfurt executive offices, and a German-parented group structure, rather than an Israeli founding, headquarters, tax residence, or control by Israeli capital 7.

Deutsche Bank’s current Management Board comprises Christian Sewing, Fabrizio Campelli, Raja Akram, Marcus Chromik, Marie-Jeanne Deverdun, Stefan Hoops, Alexander von zur Mühlen, Laura Padovani, Claudio de Sanctis, and Rebecca Short 11.

Christian Sewing has served as Deutsche Bank AG’s CEO since April 2018 11.

Alexander Wynaendts is Chairman of the Supervisory Board; Deutsche Bank records his first election in May 2022 and a term expiring in 2030 12.

The reviewed governance materials identify management and supervisory-board roles but do not disclose material personal or family-office investments by the named directors or executives in Israeli companies 11, 12.

No public evidence identified in the reviewed materials of Israeli government share ownership, governmental board appointments, golden shares, charter restrictions, government contracts, or critical-infrastructure designation.

Profit Repatriation & Economic Contribution

The reviewed FY2024 shareholdings disclosure establishes the Group’s ownership and Tel Aviv domicile of its two listed Israeli entities but does not disclose Israel-specific workforce, revenue, client-base, tax-payment, or profit figures 1.

No public evidence identified in the reviewed materials of Israel-specific revenue, profit repatriation, employment, or tax-contribution figures.

No public evidence identified in the reviewed materials of an acquisition price, acquisition date, or established-versus-acquired status for Deutsche Global Markets Limited or Deutsche Securities Israel Ltd.

Footnotes

  1. https://geschaeftsbericht.deutsche-bank.de/files/documents/annual-reports/2024/Shareholdings-2024.pdf?language_id=1 ↩ ↩2 ↩3 ↩4 ↩5 ↩6

  2. https://www.sec.gov/Archives/edgar/data/52749/000110465925011566/tm255845d3_fwp.htm ↩ ↩2 ↩3 ↩4

  3. https://www.sec.gov/Archives/edgar/data/52749/000110465925011201/tm255845-1_424b5.htm ↩

  4. https://www.sec.gov/Archives/edgar/data/52749/000110465924033345/tm248330d1_ex99-j.htm ↩ ↩2 ↩3

  5. https://dontbuyintooccupation.org/wp-content/uploads/2024/11/2024_DBIO-IV-report.pdf ↩ ↩2 ↩3

  6. https://www.ohchr.org/en/press-briefing-notes/2023/06/update-database-business-enterprises-relation-occupied-palestinian ↩

  7. https://www.sec.gov/Archives/edgar/data/1159508/000115950826000017/db-20251231.htm ↩ ↩2 ↩3 ↩4

  8. https://www.deutschebank.nl/global/contacts/israel?language_id=3 ↩ ↩2

  9. https://db.wd3.myworkdayjobs.com/en-US/DBWebsite/job/Israel-Salesperson_R0436765 ↩ ↩2

  10. https://en.globes.co.il/en/article-812042 ↩ ↩2

  11. https://www.db.com/who-we-are/boards-and-committees/management-board ↩ ↩2 ↩3

  12. https://investorrelations.db.com/corporate-governance/organizational-structure/supervisory-board ↩ ↩2