Deutsche Bank CEO Seeks Key Role in Banking Consolidation: Welt

(Bloomberg) -- Deutsche Bank AG Chief Executive Officer Christian Sewing wants Germany’s largest lender to play an active role in a possible consolidation of Europe’s financial services industry, he told Welt am Sonntag in an interview.

The performance of the Frankfurt-based bank has been steadily improving, and that’s why the company isn’t willing to be a junior partner if mergers and acquisitions are discussed, Sewing told the Sunday paper.

“That’s also important for Germany,” the CEO said. “Being dependent on imports of financial services would be a strategic mistake.”

Deutsche Bank said last month that a trading rally that lifted revenue last year will help boost growth through 2022, as Sewing relies increasingly on investment banking for his turnaround plan. Profit from lending is under pressure due to Europe’s negative interest rates.

Still, the cost-cutting and sales at the bank’s private and corporate customer business are developing “absolutely according to plan,” Sewing told the newspaper.

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