[Structure] Umbrella organisation: It supports the Board of Directors managing the entire bank. Some members of the umbrella organisation are simultaneousily members of Euro-Banks international subsidiaries or other committees. Subordinated to the umbrella organisation are three divisions Investment Bank （IB): Clients are normally private and public institutions as well as medium-sized and global companies. Every client has its own contact person.lB offers capital market products primarily in Europe Private and Business Clients (PBC): This division is Euro-Banks biggest and most important division and solely services private clients and small businesses in investments. The majority of the client segments are located in Germany but also in other countries of Europe Estate lnvestments （El)：El manages real estate and industrial holdings. Although this division is rather insignifcant the group will not withdraw from this sector in the foreseeable future as itis of strategic importance.
Q:It might be possible to trace back the drop in operating costs directly to the acquisitions made by Euro-Bank.
