Deutsche Bank is currently undergoing extensive renovations. It wants to position itself for the future and also be prepared for a possible merger. But CEO Sewing now sets one condition.
The head of Deutsche Bank, Christian Sewing, considers a merger or the acquisition of another financial institution to be conceivable in view of the wave of takeovers discussed in the industry. The largest German credit institution is currently still concentrating on the implementation of its restructuring plan, said the manager in an interview with Bloomberg TV published on Tuesday.
The main part of the renovation should be completed in the next three months. “We said 2019 and 2020 would be the crucial years,” said Sewing. The renovation decided last year will run until 2022.
A possible merger partner has already been found
As a prerequisite for a merger or takeover, the manager sees the bank’s profitability and share price rising again. “Then we’ll have a different, better position.” Europe’s banks have to become more resilient and Deutsche Bank does not want to be taken over. “It is important that we are not the junior partner.”
Deutsche Bank is currently valued on the stock exchange at around 15 billion euros, while its Swiss rival UBS comes to around 35 billion euros. According to Bloomberg and other media, UBS board member Axel Weber recently compiled a list of possible merger candidates for the Swiss bank. Deutsche Bank is one of them.