August 24, 2018 / 8:11 AM / 3 months ago

Germany needs bank to help its businesses abroad: report

FRANKFURT (Reuters) - Germany needs a global bank to foster domestic companies in their business abroad, the banking watchdog told a magazine, echoing statements from the finance minister and coming as Deutsche Bank (DBKGn.DE) restructures.

Raimund Roeseler, who oversees banks at regulator BaFin, also told WirtschaftsWoche in an interview published on Friday that banks were lowering standards for corporate credit amid intense competition.

BaFin, which confirmed the accuracy of the comments made by Roesler, is collecting data to gauge the severity of the moves on standards.

Roeseler told the magazine there was too much capacity in the market. All banks want to expand, while none wanted to shrink, he said.

“We need a big global bank that can accompany companies worldwide,” Roeseler was quoted as saying.

Germany Finance Minister Olaf Scholz has made similar comments.

Germany’s largest lender, Deutsche Bank, is in the midst of an overhaul, paring back some unprofitable international business to return to profitability. It has been lobbying for the support of government in its mission to be a global player.

Reporting by Tom Sims; Editing by Edmund Blair

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