Call comes amid discontent with Germany’s ruling coalition ahead of snap election in February
Deutsche Bank chief executive Christian Sewing has said that German businesses need relief on regulation and a more competitive corporate tax regime to reboot growth in the country’s flagging economy. “We clearly need certain structural reforms,” Sewing told the Financial Times global banking summit in London on Wednesday. “We need to have absolutely some relief on the regulation and red tape. That is important.
” Separately, Deutsche’s domestic rival Commerzbank is facing a potential takeover bid from Italy’s UniCredit, which would be the biggest attempt at cross-border M&A in Europe’s banking sector since the financial crisis. However, UniCredit’s approach has encountered fierce opposition from Germany’s political establishment and Commerzbank’s management has so far dismissed the advances from the Italian lender, which is led by seasoned dealmaker Andrea Orcel.
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