BERLIN (Reuters) – Deutsche Bank is gaining in financial strength, putting Germany’s largest lender in a position to play a key role in consolidating European banking, CEO Christian Sewing was called out on Sunday as said.
“We continue to do better and therefore meet the criteria for sitting at the table when it comes to possible consolidation of European banks – and not just like a young partner, ”Sewing told Welt on Sunday in an interview.
Sewing, which is engaged in a long-term effort to boost employment power at Deutsche after years of non-performance, has consistently stated that its priority is to complete a turnaround by 2022.
Negotiations on an all-German banking merger with Commerzbank 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 richer value potential buyer.
Sewing, however, played the bank’s strategic importance for Europe’s largest economy and the top exporting country, and he said his restructuring effort was paying off.
“It would be a mistake to rely on the import of financial services,” Sewing said. “Every quarter where we are successful makes us stronger.”
Benefits and costs in his private and corporate business were all on the way, he said, and Deutsche’s investment bank has outperformed expectations. ($ 1 = 0.8239 euros)
Reciting with Douglas Busvine; Edited by Daniel Wallis