Deutsche Bank head: Mergers to come

MANNHEIM, Germany, March 30 (UPI) -- Deutsche Bank head Josef Ackermann said major bank mergers are unavoidable, but said he prefers inter-European to transatlantic partnerships.

Ackermann told the Center for European Economic Research in Mannheim, a merger between a U.S. bank and a European bank would probably leave the partnership's headquarters somewhere in the United States, Frankfurter Allgemeine Zeitung reports.

He said that outcome would be problematic for the major European countries losing their banks.

Ackermann urged Germany to do all it can to offer advantages for banks that elect to keep their headquarters in Germany.

Deutsche Bank is not at risk of hostile takeover and is not currently open to a friendly takeover, Ackermann said.

He said it is in Deutsche Bank's interest to become strong enough that "we can play the stronger role in consolidation."

Ackermann said Deutsche Bank's first priority is to grow on its own, only later would it consider acquisition.