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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.
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