Get 40% Off
💰 Buffett reveals a $6.7B stake in Chubb. Copy the full portfolio for FREE with InvestingPro’s Stock Ideas toolCopy Portfolio

Deutsche Bank wealth boss says recession may fuel consolidation

Published 06/17/2020, 01:44 AM
Updated 06/17/2020, 01:45 AM
© Reuters. FILE PHOTO: The headquarters of Germany's Deutsche Bank are photographed in Frankfurt
DBKGn
-

ZURICH (Reuters) - A recession triggered by the coronavirus pandemic could help accelerate mergers and acquisitions in the bank sector in Europe, the head of Deutsche Bank 's (DE:DBKGn) wealth management business said in a newspaper interview.

"We regularly explore what there is on the acquisition market, but first we have to consolidate internally and get the new international private banking business on its feet," Claudio de Sanctis told Finanz und Wirtschaft.

"Consolidation in the European banking sector will certainly continue, and the recession could accelerate it," he added.

De Sanctis heads Deutsche's international private banking business, which has revenues of around 3 billion euros ($3.38 billion), or 13% of the group's total.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.