Deutsche Bank says it doesn't need state capital
Deutsche Bank AG's chief executive says his company, Germany's biggest bank, does not need an injection of capital under a government financial rescue package, according to an interview released Saturday.
By Agencies |
BERLIN: Deutsche Bank AG's chief executive says his company, Germany's biggest bank, does not need an injection of capital under a government financial rescue package, according to an interview released Saturday.
Josef Ackermann told the Bild am Sonntag newspaper that Deutsche Bank has ``at no point'' been in danger during the financial market crisis, the weekly reported in a preview of Sunday's edition.
``Deutsche Bank does not need capital from the state,'' Ackermann was quoted as saying. Germany's parliament on Friday approved a financial sector rescue plan worth up to euro500 billion (US$675 billion), which was promptly signed into law by President Horst Koehler.
That includes up to euro400 billion (US$540 billion) in lending guarantees for banks, plus as much as euro80 (US$108 billion) billion to recapitalize banks and, if necessary, buy up risky assets. It remains unclear who will seek the help.'
The CEO of Commerzbank, Germany's No. 2, was quoted as telling Saturday's edition of the Bild daily that ``we will look calmly at how exactly the package looks and whether it comes into question for us.''
``I think it is the duty of every banker to consider participating in the package,'' Martin Blessing said, according to the report.
Blessing added that his bank's plan, announced in August, to buy Dresdner Bank from insurer Allianz SE is still on track.
``We are not buying Dresdner Bank with cash, but with a fixed number of our own shares,'' he was quoted as saying. ``So the takeover stands despite the financial crisis.''
Josef Ackermann told the Bild am Sonntag newspaper that Deutsche Bank has ``at no point'' been in danger during the financial market crisis, the weekly reported in a preview of Sunday's edition.
``Deutsche Bank does not need capital from the state,'' Ackermann was quoted as saying. Germany's parliament on Friday approved a financial sector rescue plan worth up to euro500 billion (US$675 billion), which was promptly signed into law by President Horst Koehler.
That includes up to euro400 billion (US$540 billion) in lending guarantees for banks, plus as much as euro80 (US$108 billion) billion to recapitalize banks and, if necessary, buy up risky assets. It remains unclear who will seek the help.'
The CEO of Commerzbank, Germany's No. 2, was quoted as telling Saturday's edition of the Bild daily that ``we will look calmly at how exactly the package looks and whether it comes into question for us.''
``I think it is the duty of every banker to consider participating in the package,'' Martin Blessing said, according to the report.
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Blessing added that his bank's plan, announced in August, to buy Dresdner Bank from insurer Allianz SE is still on track.
``We are not buying Dresdner Bank with cash, but with a fixed number of our own shares,'' he was quoted as saying. ``So the takeover stands despite the financial crisis.''
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