Deutsche Bank Reopens Almost Half of Branches Closed Over Virus

(Bloomberg) --

Deutsche Bank AG has re-opened almost half of the branches it had closed, in a sign the bank believes the coronavirus spread has peaked in Germany.

The country’s biggest lender on Monday unlocked 80 out of the roughly 200 branches it shuttered in March, according to a memo seen by Bloomberg. How long the remaining branches will stay closed depends on what happens in the first round of re-opening, it said in the memo.

“Retail sales are picking up in all federal states, client demand for our services is increasing also as a result of the first easing of restrictions, and the personnel situation is stable,” the bank said in the memo. “That is why we’re gradually opening the temporarily closed branches.”

German Chancellor Angela Merkel on Wednesday presented a roadmap for how she wants to lift the country out of its lockdown while avoiding a second wave of the virus outbreak. The curbs have brought business activity in some sectors to a virtual standstill and the economy is forecast to shrink by 6.3% in 2020.

“We can say today that we have the very first phase of the pandemic behind us,” Merkel said in a press conference. “We must be careful that things won’t be derailed.”

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