facebook
twitter
rss
account
search
search
 

Deutschebank hunting for mergers

June 14, 2005 at 8:41 AM   |   Comments

FRANKFURT, Germany, June 14 (UPI) -- The head of Deutsche Bank AG, Germany's largest bank, says he wants to pursue mergers and acquisitions with other banks, inside or outside the country.

Josef Ackermann, chief executive of Deutsche Bank, made his comments after UniCredito Italiano SpA's announcement of its proposed $18.6 billion acquisition of Germany's HVB Group AG in Europe's largest cross-border banking takeover, the Wall Street Journal reported Tuesday.

In comments to Germany's Handelsblatt business daily, Ackermann said, "We are ready to make acquisitions in all markets where we are already present, as well as in new markets, such as in developing countries."

In particular, Postbank, the banking arm of Deutsche Post "would be a good strategic perspective," he said.

Also of interest would be another German bank, Commerzbank, Ackerman said.

"From the German point of view, (domestic) consolidation would make a lot of sense because it would create stronger German banks which would then be able to operate better globally."

But he said there would first need to be political and social support for such a deal.

© 2005 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Recommended UPI Stories
Featured UPI Collection
trending
Notable deaths of 2014 [PHOTOS]

Notable deaths of 2014 [PHOTOS]

Most Popular
1
Northrop Grumman developing reusable space plane for lifting spacecraft into orbit
2
Construction on Russian gas line to China slated for September
3
Navy to test Lockheed Martin's FORTIS exoskeleton
4
Embraer refining KC-390 transport
5
Corona Extra recalled due to glass particles in beer
Trending News
Video
x
Feedback