Deutsche Banks Defended By Germans

  _91456239_mediaitem91456238 Leading German firms have rushed to defend Deutsche Bank amid concerns over the troubled lender’s financial health.

Executives from Siemens, Daimler, Munich Re and BASF told German newspaper Frankfurter Allgemeine Sonntagszeitung they backed the bank.

“We stand with Deutsche Bank,” BASF chairman Juergen Hambrecht said.

Deutsche Bank is facing a $14bn ($11bn) fine in the US for mis-selling mortgage-backed bonds before the financial crisis of 2008.

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Its shares fell sharply last week on fears the fine could cripple the bank, at one point dropping to their lowest level in 30 years.

Reinsurance giant Munich Re’s chief executive, Nikolaus von Bomhard, told the Frankfurter Allgemeine Sonntagszeitung that he had followed the news, but saw no need to “reduce our business volume” with Deutsche Bank.

Dieter Zetsche, the chief executive of luxury car firm Daimler, also backed the bank, saying: “Deutsche Bank has a great tradition, a solid foundation and beyond that, a good future ahead. Of that I am convinced.”

Siemens boss Joe Kaeser said that the bank’s management “is pursuing the right goals and has our fullest confidence”.

 

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