BERLIN (Reuters) - The co-CEO of Deutsche Bank (DE:DBKGn) is worried about the threat Chinese banks pose to European banks, which he said are already struggling to compete with their counterparts in the United States.
"I make no secret of the fact that I'm very concerned European banks not only still can't keep up with American competitors but also that we're threatened from another direction," Juergen Fitschen said on Monday at an event hosted by the German banking association in Berlin.
"Namely from the markets especially in China, where the size of the market gives local banks options that are not available to us," he said.
At the same event German Finance Minister Wolfgang Schaeuble said pressure on the business models of banks and savings banks was increasing due to low interest rates and new financial technology (fintech) from fintech firms.
"In Europe and also in Germany we're probably still looking a bit for sustainable, competitive and viable business models," Schaeuble said.