Daily Management Review

Achleitner Puts Deutsche Merger Speculations At Rest


12/31/2018


The German bank’s new chief executive is taking control of the scenario to deliver on positive results, informs the chairman.



Source: flickr.com,© 2014 Tony Webster
Source: flickr.com,© 2014 Tony Webster
The chairman of Deutsche Bank, Paul Achleitner, ruled out the requirement of seeking state help and put the speculations down of the German bank making loss to opt for merging by informing that the “turnaround strategy” of the bank is “bearing fruit”.
 
Achleitner also added that he was not going to step following a “tough year” during an interview with the “Frankfurter Allgemeine Sonntagszeitung”. In this tough time, the bank also replaced its C.E.O, faced accusation regarding money laundering and witnessed its share crumble down. The Sunday paper, quoted Achleitner saying:
“Let’s look at the facts: Deutsche Bank has a very strong capital basis compared to its competitors”.
 
Moreover, he also reminded that new chief executive Christian Sewing was in the process of containing cost escalations. After facing loss for three years in a row, Deutsche Bank is hopeful about returning to the black in the year of 2018.
 
The new chief executive, Sewing joined a board in April 2018, while he too denied the speculation of the bank merging with Commerzbank, a struggling rival, sometimes soon. And as mentioned earlier Achleitner also echoed the same. When the latter was asked if the bank will lean on any financial help, his answer was:
“This scenario will not come about.”
 
 
References:
reuters.com







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