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BERLIN: Deutsche Bank is gaining financial strength, putting Germany’s largest lender in a position to play a leading role in European bank consolidation, chief executive Christian Sewing said on Sunday (January 3).
“We continue to do better and therefore meet the criteria for sitting at the table when it comes to a possible consolidation of European banks, and not just as a minor partner,” Sewing told Welt am Sonntag in an interview.
Sewing, which is chasing long-term momentum to boost earnings power at Deutsche after years of underperformance, has consistently said his priority was to complete a turnaround by 2022.
Talks about an all-German banking merger with Commerzbank fell through in 2019, and with a market value of just € 18 billion ($ 21.9 billion), Deutsche would be an affordable target for a more valued potential buyer.
However, Sewing highlighted the bank’s strategic importance to Europe’s largest economy and top exporting country, and said its restructuring drive was paying off.
“It would be a mistake to depend on imports of financial services,” Sewing said. “Every quarter we are successful makes us stronger.”
Profits and costs in its private and corporate businesses were absolutely on track, he added, and Deutsche’s investment bank has exceeded expectations.
