FRANKFURT (Reuters) - Deutsche Bank (DBKGn.DE) must work on resolving its own problems before it can consider making any acquisitions, its Chief Financial Officer Marcus Schenck said on Monday.
“We still have all sorts of homework to do,” Schenck said in a panel discussion at the Euro Finance Week conference in Frankfurt. “You do M&A (mergers and acquisitions) once things have been cleaned up,” Schenck said, adding that financial regulation could spur mergers in the banking sector.
“There are several reasons why regulation could lead to consolidation,” he said, referring to factors such as the cost of implementing new regulation, which is independent from a bank’s size.
Reporting by Joshua Franklin and Arno Schuetze; Editing by Tina Bellon