Deutsche Bank CEO Wants Cross-Border M&A But Says Time Not Ripe

Deutsche Bank AG Chief Executive Officer Christian Sewing played down the prospect of a merger with local rival Commerzbank AG, saying cross-border deals offer the best future for European banks. “The real chance of consolidation lies in crossing national borders in Europe,” Sewing told a conference audience composed of senior business people and lawmakers in Berlin, including Federal Economy Minister Peter Altmaier. Sewing played down as “speculation” the news, reported exclusively by Bloomberg last week, that a combination with Commerzbank AG has emerged as the preferred medium- to long-term strategic option among Deutsche Bank’s top echelons.