Deutsche Bank boss dismisses takeover talk following Panama Papers raids

The boss of Deutsche Bank said the beleaguered German lender is not at risk of a takeover, after its shares hit a record low on Friday following a two-day police raid prompted by money-laundering allegations.

Christian Sewing said he saw no “indication” of a possible merger, following speculation that Deutsche could be looking at a tie-up with German rival Commerzbank, or Switzerland’s UBS.

“We are on track to make our first profit for three years,” Sewing, the lender’s chief executive, told Bild am Sonntag. “It is only a matter of time before this progress is reflected in the share price.”

Deutsche’s shares hit a record low of €8.03 on Friday, the second day of police raids at its headquarters, linked to the so-called Panama Papers revelations over offshore financing.

The bank has been devastated by a series of financial and regulatory scandals this year, and faces fresh questions currently over its role

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