Deutsche Bank Boss Paul Achleitner Denies Merger Discussions

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Paul Achleitner, the chairman of Deutsche Bank, said that the crisis-stricken is strong and is already benefiting from a turnaround plan.

In an interview that was published this morning, the boss of the loss-making German bank was quick to dismiss the rumours that the bank required state aid, or that a merger was on the table.

During the interview with Frankfurter Allgemeine Sonntagszeitung, a German-language newspaper,  Achleitner said that he would not be stepping down, despite a rough year in which the firm was forced to replace its chief executive and was affected by various money laundering investigations.

He told the paper: “Let’s look at the facts: Deutsche Bank has a very strong capital basis compared to its competitors.”

He added that Christian Sewing, the new chief executive of the bank, was balancing the books following the turbulent year.

However, the bank has made losses for three straight years now and has witnessed its share price go down by half in the wake of the probes that were conducted both in the United States and in Europe.

Achleitner pushed back on suggestions that the bank may need some financial support coming from the state. He stated: “This scenario will not come about.”

Last month, Sewing said that he saw no“indication” of a possible merger, after the speculations that Deutsche could be looking at a partnership with Commerzbank, its German rival, or Switzerland’s UBS.

The chief executive of the lender, Sewing, informed Bild am Sonntag: “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 record lows at the end of the year after two days of police raids at its headquarters. The raids were linked to the so-called Panama Papers revelations that involved offshore financing.

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