- Deutsche Bank CFO dismisses reports that it has
- discussed plans to merge with Swiss banking giant UBS, calling them "fictions of the press."
- Earlier, citing people familiar with the matter, German newspaper Handelsblatt said that senior Deutsche Bank staff discussed the possibility for a tie-up with UBS at a strategy meeting earlier in September.
- The discussions were reportedly part of a meeting in which the bank's supervisory board also discussed a long-vaunted merger with Commerzbank, Germany's second-biggest bank and one of Deutsche Bank's key domestic rivals.
ADVERTISEMENT
Deutsche Bank CFO denies it had internal talks about a merger with Swiss giant UBS — and calls such reports 'fictions of the press' (DB, UBS)
Citing people familiar with the matter, Handelsblatt said that senior Deutsche Bank staff discussed the possibility for a tie up with UBS — which would combine the biggest lenders in Germany and Switzerland — at a strategy meeting earlier in September.
Deutsche Bank's chief financial officer James von Moltke has denied that the bank made plans for a potential merger with Swiss banking giant UBS, calling reports of such plans "fictions of the press."
Von Moltke's comments come after a report from German newspaper Handelsblatt on Wednesday
The report is the latest in long list of rumours about possible partners or targets for Germany's largest bank. In July, for example,
ADVERTISEMENT
Soon after his appointment, Sewingannounced plans to scale back US operations and cut jobs.
Speculation about a merger with another institution in part reflect the numerous troubled patches the bank has encountered in recent years. These include:
- Three consecutive years of full-year losses. Deutsche Bank in February
- The bank's US operations have been
- An investigation by the US Justice Department both for its role in a "
- The mortgage issues eventually led Deutsche Bank to pay a $7.2 billion fine to the US.
- Chinese conglomerate HNA, one of the bank's biggest shareholders, is reportedly planning to sell down its stake.
Sewing has previously indicated publicly that Deutsche Bank would be willing to explore a merger, but only after the bank is profitable again.
JOIN OUR PULSE COMMUNITY!
ADVERTISEMENT
Eyewitness? Submit your stories now via social or:
Email: eyewitness@pulse.ng
ADVERTISEMENT