June 17, 2020 / 5:45 AM / a month ago

Deutsche Bank wealth boss says recession may fuel consolidation

FILE PHOTO: The headquarters of Germany's Deutsche Bank are photographed in Frankfurt, Germany, July 8, 2019. REUTERS/Kai Pfaffenbach

ZURICH (Reuters) - A recession triggered by the coronavirus pandemic could help accelerate mergers and acquisitions in the bank sector in Europe, the head of Deutsche Bank’s (DBKGn.DE) wealth management business said in a newspaper interview.

“We regularly explore what there is on the acquisition market, but first we have to consolidate internally and get the new international private banking business on its feet,” Claudio de Sanctis told Finanz und Wirtschaft.

“Consolidation in the European banking sector will certainly continue, and the recession could accelerate it,” he added.

De Sanctis heads Deutsche’s international private banking business, which has revenues of around 3 billion euros ($3.38 billion), or 13% of the group’s total.

Reporting by Michael Shields; Editing by Clarence Fernandez

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