Deutsche Bank is strong and its turnaround strategy is bearing fruit, chairman Paul Achleitner has said, ruling out the need for state aid and playing down speculation that the loss-making German bank should merge.
In an interview with the Frankfurter Allgemeine Sonntagszeitung, Mr Achleitner added that he would not step down after a tough year in which Deutsche replaced its chief executive, was targeted in money laundering probes, and saw its share price halve.
“Let’s look at the facts: Deutsche Bank has a very strong capital basis compared to its competitors,” he told the Sunday paper, adding that new chief executive, Christian Sewing, was getting costs under control.
Deutsche hopes to return to the black this year after three consecutive years of losses.
Mr Sewing, hired in April, has pushed back against speculation that Deutsche could merge with struggling rival Commerzbank in the near future.
Mr Achleitner reiterated that stance and, asked whether Deutsche