(10 September 2004 – Europe) Deutsche Bank is keeping its options open as it continues examining ways to meet growth targets.The bank, which has reportedly been in merger talks with Credit Suisse and UK banks Lloyds TSB and Barclays so far this year, said it is shifting its focus to growing organically.
Chief executive Josef Ackermann said the bank would employ a strategy of winning new customers as opposed to growing via acquisitions.
Deutsche has been running the rule over banks in its own domestic market with Germany’s biggest retail bank Postbank and Commerzbank both mooted as possible takeover targets.
Ackermann has also placed the idea of a cross border merger in the “too hard” basket, saying it would be difficult to sell such a deal to the bank’s shareholders.
The bank is targeting a 25 percent pre-tax return on equity in 2005.