FOR IMMEDIATE RELEASE: FRIDAY, AUGUST 16, 1996

NEW YORK--The Federal Reserve Bank of New York Friday approved the notification by Deutsche Bank AG, Frankfurt (Main), Federal Republic of Germany, to acquire through its wholly owned subsidiary, Deutsche Financial Services Corporation, St. Louis, MO, a 50 percent interest in Deutsche Financial Capital Limited Liability Company, Greensboro, NC, a joint venture with Oakwood Homes Corporation, Greensboro, NC, and thereby engage in providing manufactured housing retail financing.

The Reserve Bank acted under authority delegated by the Board of Governors of the Federal Reserve System.