Germany's Deutsche bank is looking to expand its asset management and retail banking businesses in Europe and the US.
Following its annual meeting, the bank said that it aimed to “establish Private Clients and Asset Management (PCAM) as a second high-peformance division, [and Deutsche] is keeping an eye open for possible partners and will take advantage of suitable opportunities here.”
Earlier this month, PCAM posted net revenues of more than EUR2bn, but the figure did not match the high pre-year level. According to the report - besides weaker revenues - results were affected by overall higher operating expenses, which rose by 4.3% on last year to EUR5.5bn.
Deutsche’s chairman Rolf Breuer added that the bank “wanted to make the revenue situation of [Deutsche’s] Group more balanced through strong growth” in the division .
By Madhu Kalia
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