Deals
Deutsche Bank CEO Says a Deal Needs More Than Banking Union
- Christian Sewing says bank needs to ‘have its house in order’
- Sewing says bank underestimated culture in previous deals
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Deutsche Bank AG Chief Executive Officer Christian Sewing gave some of the clearest indications yet as to the bank’s priorities for taking part in European banking consolidation, signaling the importance of cultural fit and successfully exiting its restructuring before any big deals.
Sewing, speaking at the Bloomberg Future of Finance event in Frankfurt, said that the German lender needed to have it’s “own house in order” and couldn’t simply impose its culture onto that of another bank when considering potential transactions. He also said that banking union isn’t the “one and only precondition” for European M&A.