finance

Deutsche Bank should play leading role in banking consolidation – CEO



© Reuters.

BERLIN (Reuters) – Deutsche Bank (DE:) is gaining in financial strength, putting Germany’s largest lender in a position to play a leading role in European banking consolidation, CEO Christian Sewing was quoted on Sunday as saying.

“We continue to do better and therefore meet the criteria to sit at the table when it comes to a possible consolidation of the European banks – and not just as a junior partner,” Sewing told Welt am Sonntag in an interview.

Sewing, who is pursuing a long-term drive to boost earnings power at Deutsche after years of underperformance, has consistently said that his priority was to complete a turnaround by 2022.

Talks on an all-German banking merger with Commerzbank (DE:) failed in 2019 and, with a stock market value of just 18 billion euros ($21.9 billion), Deutsche would be an affordable target for a more richly valued potential acquirer.

Sewing played up the bank’s strategic importance for Europe’s largest economy and top exporting nation, however, and said his restructuring drive was bearing fruit.

“It would be a mistake to rely on imports of financial services,” said Sewing. “Every quarter in which we are successful makes us stronger.”

Earnings and costs in its private and corporate business were absolutely on track, he added, and Deutsche’s investment bank has outperformed expectations.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

READ  Cladding red tape 'stops people selling homes'

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





READ SOURCE

Leave a Reply

This website uses cookies. By continuing to use this site, you accept our use of cookies.  Learn more