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Business

Deutsche Bank Seeks Takeover Targets

Following the acquisition of HypoVereinsbank by Italian giant Unicredit, Germany's largest bank announced Tuesday it is ready to make its own acquisitions, both inside and outside Germany. In an interview with business daily Handelsblatt, Deutsche Bank chairman Josef Ackermann said "we are ready to make acquisitions in all markets where we are already present, as well as in new markets, such as in developing countries." In particular, Postbank, the banking arm of Deutsche Post "would be a good strategic perspective," he said. Germany's biggest bank had been planning to buy Postbank last year, on the behest of the German government, but broke off the talks. Asked about the acquisition of smaller rival, Commerzbank, Ackermann said: "From the German point of view, (domestic) consolidation would make a lot of sense because it would create stronger German banks which would then be able to operate better globally." However, before that can happen, the chairman said there needed to be the necessary political and social support.

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