June 12, 2018 / 1:52 PM / 10 days ago

Deutsche Bank CEO says Europe must create conditions for banking consolidation

FRANKFURT, June 12 (Reuters) - Europe needs to create the conditions for banking consolidation before the continent can form real European banking champions, Deutsche Bank’s chief said on Tuesday.

Christian Sewing, the new CEO of Germany’s largest bank, said that the German and European markets were too fragmented, with disparate rules on insolvency, consumer protection, and mortgage securities.

“We don’t have a single market,” Sewing told politicians in Berlin. “At the moment, we have 28 individual markets.” (Reporting by Tom Sims Editign by Victoria Bryan)

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