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.<\/b>
\nFRANKFURT (Reuters) – Deutsche Bank ( DBKGn. DE) 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\u2019s dismissal in September of reports that it could consider tie-ups with Switzerland\u2019s UBS ( UBSG. S) or German peer Commerzbank ( CBKG. DE).
\u201cI don\u2019t have any indication of that,\u201d Christian Sewing told Bild am Sonntag. \u201cWe 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.\u201d
Sewing\u2019s 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\u2019s board members, Sewing said.
\u201cBut that is okay, I don\u2019t have a problem with that. I want this matter to be cleared up as soon as possible,\u201d 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\u2019s office said.
\u201cIt\u2019s about two employees who, at the time, helped to work through everything surrounding the issue of the Panama Papers. In my view the presumption of innocence clearly applies until proven otherwise,\u201d Sewing told the paper.
\u201cSince the publication of the Panama Papers in 2016 we have reviewed the whole issue and, in doing so, cooperated closely with the regulatory authorities. For us the case was concluded.\u201d
Asked whether he had made any mistakes, Sewing said: \u201cI am at peace with myself and I am doing my job as well as I can.
\u201cOf course, I would never say that I\u2019m not making mistakes. But if I do, I correct them as quickly as possible.\u201d<\/p>\n