Bloomberg - Deutsche CEO plays down Commerzbank merger prospects

Deutsche Bank London

Deutsche Bank CEO Christian Sewing played down the prospect of a merger with local rival Commerzbank AG, saying cross-border deals offer the best future for European banks.

“The real chance of consolidation lies in crossing national borders in Europe,” Sewing told a conference audience composed of senior business people and lawmakers in Berlin, including Federal Economy Minister Peter Altmaier. “Only then is it possible for true European champions to emerge.” However, he added that such deals were “hardly” commercially attractive “at the moment.”

Sewing played down as “speculation” the news, reported exclusively by Bloomberg last week, that a combination with Commerzbank AG has emerged as the preferred medium- to long-term strategic option among Deutsche Bank’s top echelons. He reminded his audience that Germany needs “strong” domestic banks.

Hit the link below to access the complete Bloomberg News article:

Deutsche Bank CEO Wants Cross-Border M&A But Says Time Not Ripe

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