Deutsche Bank Boss Dismisses Takeover Talk

Advertisment
Photo by Lucas Kaufmann from Wikimedia Commons

The Chief Executive Officer of Deutsche Bank, Christian Sewing, said that the German lender is not at risk of a takeover. This comes after the shares of the company hit a record low last Friday after a two-day police raid that was prompted by money-laundering allegations.

Sewing said that he saw no “indication” of a potential merger. His remarks come after the speculation that Deutsche could be looking at a partnership with Commerzbank, its German rival, or the UBS of Switzerland.

In an interview with Bild am Sonntag, Sewing claimed: “We are on track to make our first profit for three years.”

He added: “It is only a matter of time before this progress is reflected in the share price.”

The shares of Deutsche hit a record low of €8.03 last Friday. It is the second day of police raids that were held at its headquarters, connected to the revelations of the so-called Panama Papers over offshore financing.

This year, the bank has been overwhelmed by a series of financial and regulatory scandals and it currently faces new questions over its role as an alleged conduit for dirty funds that were processed via Danske Bank, a Danish lender.

Sewing took up his role as the head of the bank last April. He has been attempting to turn the company’s fortunes around.

During raids that were held last week, police officials searched the offices of all the board members of the bank. It suggests that the scandal is being associated to the highest echelons of its management.

Sewing said that he was not concerned regardinng the board office raids. He stateD: “I don’t have a problem with that. I want this matter to be cleared up as soon as possible.”

The office of the Frankfurt prosecutor directed the raids. It said that it was investigating the activities on unnamed employees who allegedly helped clients set up offshore firms to launder money.

Sewing told the paper: “It’s about two employees who, at the time, helped to work through everything surrounding the issue of the Panama Papers.”

He added: “In my view, the presumption of innocence clearly applies until proven otherwise.”

He continued: “Since the publication of the Panama Papers in 2016 we have reviewed the whole issue and, in doing so, cooperated closely with the regulatory authorities. For us the case was concluded.”