Deutsche Bank Rules Out Friendly Merger

The CEO of Deutsche Bank, Josef Ackermann, said on Monday the company was currently ruling out a friendly merger with another bank, saying Deutsche's valuation in any such deal at the present time would be too low. However, he also said he was certain there would be more consolidation in the sector in the coming months. "I'm convinced we will see cross-border transactions," Ackermann said, according to the Reuters news agency. There has been speculation in recent months that Deutsche Bank, Germany's largest bank, could be a takeover target for a U.S. bank because of its low stock price. But Ackermann said he would prefer to merge with another European financial institution instead of a U.S. bank.