“Consolidation is also possible on a small scale” | EUROtoday

Eigentlich sollte es das Aufeinandertreffen zweier Bankchefinnen werden, deren Institute gerade an der Börse damit beginnen, einen Übernahmekampf auszufechten. Doch Marion Höllinger, Deutschland-Statthalterin der angriffslustigen italienischen Bank Unicredit, musste den verbalen Schlagabtausch am Montag in Frankfurt wegen Krankheit absagen. Deshalb war Commerzbank-Chefin Bettina Orlopp zum Auftakt der Konferenz Euro Finance Week nicht nur die einzige Frau unter sechs Bankchefs auf dem Podium, sie hatte auch leichtes Spiel, um Unicredits Kaufwunsch argumentativ abzuwehren.

Commerzbank isn’t towards consolidation per se; it won’t oppose good concepts or take heed to them. But, Orlopp added, Commerzbank itself prefers smaller acquisitions as a result of they’re simpler to combine and permit it to rapidly make investments its personal sources in innovation and progress.

In reality, consolidation will also be finished “on a small scale,” Orlopp jumped to Lutz Diederichs’ aspect. Quietly shopping for and promoting is perhaps a greater technique than a mega-merger. The Germany boss of BNP Paribas is presently shopping for the non-public banking of the previous Düsseldorf non-public financial institution Trinkaus & Burkhardt from HSBC. HSBC Germany boss Michael Schleef defined that HSBC had come to the conclusion that it didn’t have a singular promoting level in non-public banking to make it into the highest three in Germany.

Commerzbank, for its half, had dangerous experiences with the prolonged takeover of Dresdner Bank, which was roughly the identical measurement, in 2009. But since September eleventh of this 12 months, Unicredit has been its largest shareholder with nearly 10 p.c, behind the German state (12 p.c), and wish to broaden its share to nearly 30 p.c after which take over Commerzbank utterly. The share costs of each banks reacted positively to this buy intention. However, Unicredit nonetheless lacks approval from the monetary regulator. Cornelius Riese, CEO of DZ Bank, believes in precept that extra mergers between banks are proper.

Without naming Unicredit-Commerzbank, Riese, as head of the main establishment of the Volks- und Raiffeisenbanken, stated that Germany has a really aggressive market, with financial savings banks, cooperative banks, sturdy international banks and specialist banks. The margins within the company lending enterprise, for instance, are fairly skinny – not like within the oligopolistic structured banking markets in Scandinavia and Benelux. Although smaller consolidations are happening, Germany is “still overbanked in the end.”

The different panelists had completely different priorities than Riese. Deutsche Bank boss Christian Sewing and Orlopp recommended that the following federal authorities ought to see the monetary business as a strategic accomplice. The subsequent ten or 15 years could be very robust for Germany in worldwide competitors, stated Sewing. Orlopp spoke of the foremost funding wants of corporations that put money into extra regional provide chains, much less CO₂-Emissions and digitalization must be invested.

In view of the formation of geostrategic blocs, international enterprise is changing into extra sophisticated and much more of an anchor product, stated Riese, and ensures and ensures are extra necessary. But the banks could not finance every part and will have limits, Orlopp admitted. The CEO of the Landesbank Hessen-Thüringen (Helaba), Thomas Groß, agreed with the opposite financial institution bosses’ calls for that the European capital market due to this fact must be deepened.

Sewing referred to as on politicians in Europe to pay extra consideration to making sure a degree enjoying area for European banks in comparison with their US rivals. The ultimate stage of Basel III that was really agreed for 2025, i.e. the foundations for sustaining fairness capital for dangers, will solely must be applied by US banks to a lesser extent – this was already clear earlier than the election of Donald Trump. This entails double-digit billions of {dollars}.

Sewing admitted that 80 p.c of the stricter guidelines for banks created after the monetary disaster in 2010 had been appropriate as a result of the establishments weren’t strong sufficient beforehand. But now it’s time to place a moratorium on additional initiatives for stricter guidelines.

The financial institution bosses had been united of their concern in regards to the competitiveness of the German financial system. Diederichs stated it could not work if the welfare state had been rising quicker than the financial system as a complete for years. Groß von Hesse’s public state financial institution stated to all folks in Germany: “We will have to do more again. We will have to make an effort. We will also have to work more,” efficiency can and should be value it: “We often have a mentality problem in that we rest and talk far too little about performance.”