Magazine article American Banker

Deutsche Chief, Fresh from BT Deal, Is Eyeing New Worlds to Conquer

Magazine article American Banker

Deutsche Chief, Fresh from BT Deal, Is Eyeing New Worlds to Conquer

Article excerpt

PHILADELPHIA -

Bankers Trust is gone. Long live Deutsche Bank.

That is the attitude taken by Rolf E. Breuer, chairman of Deutsche Bank, which last week completed its $9 billion takeover of Bankers Trust Corp. And he implied that he will take a similar stance in other big acquisitions.

Mr. Breuer, who heads what is now the world's largest bank, with assets of $821 billion, told reporters during the International Monetary Conference this week that for an acquisition to be successful it must be made absolutely clear that the acquirer is the boss.

He applied that thinking to New York-based Bankers Trust, the eighthlargest U.S. banking company, with assets of $127 billion as of March 31. For Bankers Trust, he stated, "there is no independence."

Exuding confidence at a press briefing on Monday, Mr. Breuer spoke bluntly but in a relaxed manner. Legs crossed as he sat in a chair, he fielded an array of questions, leavening his remarks with humor.

Despite the amiability, Mr. Breuer said Deutsche Bank will expand further with the same take-no-prisoners approach. The Frankfurt institution would consider any acquisition that it believes attractive, he said.

Mr. Breuer specifically said that Deutsche Bank is eager to strengthen its equity business in Japan, where he views the economy as improving.

In the United States, Mr. Breuer expects to build on the base Deutsche Bank now has, primarily by hiring teams of investment bankers rather than through outright acquisitions.

The Deutsche Bank chief spoke highly of Alex. Brown & Co., the Marylandbased investment bank owned by Bankers Trust, now called Deutsche Alex. Brown & Co.

Although the unit will be directed from Frankfurt, Alex. Brown will contribute significantly to the creation of Deutsche Bank's new culture, Mr. Breuer said. Deutsche Bank wants to import Alex. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.