Deutsche Bank CEO John Cryan has called for cross-border bank mergers in Europe.
- John Cryan: “We need more mergers, at a national level, but even also across national borders.”
- “Scattered regionalism among banks placing unacceptable squeeze on bank profits and long-term sustainability.”
- Top executives of Deutsche Bank and Commerzbank held talks on a potential combination in early Aug.
- Source: “There was a round of talks in late August in which (Deutsche Bank Chief Executive) John Cryan and (Chief Financial Officer) Marcus Schenck were present.”
- Deutsche and Commerzbank combined market value 26 billion euros ($29 billion), half of France’s BNP Paribas.
- Both Deutsche and Commerzbank slipping down the rankings of the continent’s top banks.
- Georg Fahrenschon, savings bank association head: “Recent demands for fundamental consolidation among banks are not appropriate.”