BERLIN (DPA, CONVERSEER) – Deutsche Bank stands to benefit from the takeover battle surrounding German lender Commerzbank, chief executive Christian Sewing said on Tuesday.
Deutsche Bank is ready to take on new customers, Sewing said at a financial conference organized by US bank Morgan Stanley, when asked about developments surrounding Commerzbank.
Deutsche Bank is considering various scenarios and has factored the takeover battle into its plans, Sewing said. It is positioned for further growth, sees potential in Germany and is the market leader in many segments, he added.
“Whatever the outcome, I think we will benefit,” Sewing said.
The major Italian bank UniCredit, which holds just under 30% of Commerzbank directly via shares and indirectly via financial instruments, announced a takeover bid for the Frankfurt-based DAX-listed group on Monday.
Commerzbank has insisted on its independence and has the support of the German government in this regard.
Sewing also commented on the economic consequences of the war in Iran for financial markets and Deutsche Bank. He said the conflict was bringing volatility, including in Germany, and higher energy prices, which are crucial for German industry.
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Furthermore, Sewing said the fighting is causing uncertainty and thus weighing on the economy.
Despite the war in Iran, the German economy is recovering slowly but steadily, and investors are returning to the country in greater numbers, said Sewing.
“We want to benefit from this,” he added, confirming that there was no change to Deutsche Bank’s outlook.
