Deutsche Financial institution ought to play a number one function in financial institution consolidation – CEO

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BERLIN (Reuters) – Deutsche Bank (DE 🙂 is gaining financial strength and enabling Germany's largest lender to play a leading role in European bank consolidation, CEO Christian Sewing was quoted as saying on Sunday.

"We are still doing better and therefore meet the criteria to sit at the table in the event of a possible consolidation of the European banks – and not just as a junior partner," Sewing said in an interview with Welt am Sonntag.

Sewing, who after years of underperformance is pursuing a long-term endeavor to increase the profitability of Germans, has repeatedly stated that his priority is to complete a trend reversal by 2022.

Talks about a pan-German bank merger with Commerzbank (DE 🙂 failed in 2019 and with a stock market value of only 18 billion euros, the German would be an affordable target for a higher-quality potential buyer.

However, the sewing played out the bank's strategic importance to Europe's largest economy and top export nation, saying its restructuring offensive was bearing fruit.

"It would be a mistake to rely on imports of financial services," Sewing said. "Every quarter we are successful makes us stronger."

The result and costs in private and corporate business are absolutely on track, he added, and the German investment bank has exceeded expectations. ($ 1 = 0.8239 euros)

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