Deutsche Bank could buy Citibank in Germany

Deutsche Bank, the biggest German bank, said on Friday it would be interested in acquiring the German activities of Citigroup if the US banking giant wanted to sell them.

Deutsche Bank could buy Citibank in Germany

“We would look at it if we were asked,” said Jürgen Fitschen, a Deutsche Bank manager responsible for German affairs, during a banking industry conference.

German daily, the Financial Times Deutschland earlier reported that Deutsche Bank could acquire Citigroup’s German subsidiary to strengthen its retail banking operations.

Earlier this month, Citigroup disclosed a $5.1 billion net loss in the first quarter and said it would cut an additional 9,000 jobs to cope with the impact of bad bets on subprime mortgages.

Financial Times Deutschland said Citigroup could also sell other operations in Europe that might interest Deutsche Bank, adding that Citigroup was expected to make a decision by early May.

Deutsche Bank head Josef Ackermann earlier this week said he wanted to bolster the bank’s retail operations in Germany and reiterated an interest in Postbank, the German postal bank.

The goal would be to create a stable source of revenues for Deutsche Bank alongside those generated by its investment banking activities, which are dependent on financial market conditions.


Deutsche Bank set ‘to cut ties with Trump’

Deutsche Bank will cease its longstanding relationship with outgoing US president Donald Trump, The New York Times reported on Tuesday.

Deutsche Bank set 'to cut ties with Trump'
Deutsche Bank's headquarters in Frankfurt. Photo: DPA

Deutsche Bank was Trump's primary lender for two decades, and he owes the institution more than $300 million, according to the newspaper, which cited an unnamed source as saying the German lender “has decided not to do business with Mr. Trump or his company in the future.”

Deutsche Bank declined to comment to AFP.

The move comes on the heels of last week's violent attack on the US Capitol by Trump supporters at the president's incitement, and follows steps taken by other companies to cut ties with Trump and his businesses.

READ ALSO: Trump under investigation for Deutsche Bank ties

Christiana Riley, head of Deutsche Bank's US division, called the violent
siege on the Capital “a dark day for America and our democracy” in a post on LinkedIn last week.

“We are proud of our Constitution and stand by those who seek to uphold it to ensure that the will of the people is upheld and a peaceful transition of power takes place,” Riley said.

“It is my hope that these shocking events will result in a reinvigoration
of the principles our nation was built upon.”

Trump's relationship with Deutsche Bank has sparked numerous probes in the United States, including in New York, where the Manhattan District Attorney is investigating whether Trump committed financial crimes as he sought loans.

READ ALSO: 'Worlds between us': What Trump's German family's town thinks of him today