Old Deutsche Boss Gives Views On Merger

10 years ago

Outgoing Deutsche Bank chairman Rolf Breuer said in an interview with German daily Frankfurter Allgemeine Zeitung that it would be difficult for the bank to merge due to what would almost certainly be a significant overlap in investment banking.

Breuer said: 'In past years, we've always said that we are better if we are on our own. That is also the motto which will accompany us in the coming years.'

Income from investment banking now accounts for around 80% of group revenues and Breuer was quick to point out that the strength of this part of the business would make it difficult to merge with a rival. He said that any 'overlap would be very big in all possible areas. We are already the number one in several areas.'

Deutsche chiefs are now thought to be concerned about the possibility of a takeover bid by Citigroup and this latest statement by a senior official is seen as a further attempt to signal the market that Deutsche is determined to preserve its independence.

It is thought that the bank will only look for a partner if it can be the acquirer rather than the acquired.