Deutsche Bank urges for digital innovation programme
The Chief Executive Officer of the German financial institution, Deutsche Bank, has urged politicians to form a digital innovation programme.
Christian Sewing made the announcement at the European Banking Congress in Frankfurt on 16 November.
The CEO claims that a European programme could compete with the US and China, Reuters reported.
“We have to accelerate the banking union and revitalize the concept of a capital markets union in Europe,” Sewing stated at the conference, CNBC reported.
“To create the banks which Europe needs we have to establish a larger market and actually a single market. This is necessary to facilitate both organic growth and consolidation among European banks, both of which are needed in the long run.”
“If we consolidate, if we get digitization right and, yes, I can't miss it dear President Draghi, if we get a little support from the European Central Bank (ECB) with a normalized interest rate environment then European banks will have it easier again to grow and also compete globally.”
Sewing also noted the role of the host city in the future, referring to what will happen following Brexit.
“There’s a passionate debate about which European city should be the continent’s counterpart to London, New York and Singapore […] You won’t be surprised by me saying that Frankfurt should be the natural choice.”
Like what you see! Signup for our weekly newsletter