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Deutsche Bank chief dismisses takeover talk

Reuters FRANKFURT (Reuters) — Deutsche Bank is not at risk of a takeover, its chief executive told a German weekly paper after its shares fell to a record low on Friday in the wake of a two-day raid related to money laundering allegations.

Speculation about a possible merger has continued despite the bank’s dismissal in September of reports that it could consider tie-ups with Switzerland’s UBS or German peer Commerzbank.

“I don’t have any indication of that,” Christian Sewing told Bild am Sonntag. “We are on track to make our first profit for three years. It is only a matter of time before this progress is reflected in the share price.”

Sewing’s remarks followed the two-day raid as part of an investigation linked to the so-called Panama Papers leak of documents about offshore finance.

Police searched the offices of all the bank’s board members, Sewing said.

“But that is okay, I don’t have a problem with that. I want this matter to be cleared up as soon as possible,” he told the newspaper.

Investigators are looking at the activities of unidentified Deutsche Bank employees alleged to have helped clients to set up offshore firms to launder money, the Frankfurt prosecutor’s office said.

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