Transcript of the beginning of the meeting:

Vladimir Putin: Mr Ackermann, I am glad to welcome you to Moscow.

Deutsche Bank is a leading financial institution. It opened its office in St Petersburg in 1881. Deutsche Bank is active all over Russia today.

Last year, if my memory does not fail me, Deutsche Bank administered over 10 IPOs for Russian companies helping to promote our companies in world markets. You have earned $16 billion. Deutsche Bank provided $22 billion worth of advisory services. A large amount of work has been done.

What is particularly valuable, Deutsche Bank is a financial bridge between the German and Russian economies.

I would like to welcome you.

Joseph Ackermann: Prime Minister Putin, first of all, permit me to express my heartfelt appreciations. I admire the way you have the figures at your fingertips. I would also like to note that we have a large team in Russia. Deutsche Bank has thousands of employees and practically all of them represent Russian talent.

I met the head of Russia's Sberbank, German Gref, yesterday. We signed a document on cooperation in St Petersburg. I am very proud of it.

We are currently holding a conference in Moscow to discuss the potential of the Russian economy and the outlook for its development. All this is a token of our respect and the recognition of your personal services as the leader.

We believe it is very important that in the present multi-polar world such great countries as Russia contribute to the solutions of global problems, including problems in finance.

The fact that we are fruitfully cooperating with your country in spite of the international financial crisis attests to Russian power.

Vladimir Putin: We have no crisis.