Deutsche Bank, Germany's biggest bank, is planning on an acquisition in central Europe to complement its global transaction business, the group's global banking business head said Wednesday.
"We are looking geographically within Europe," Michael Cohrs said on the sidelines of a conference in Frankfurt. "I don't want to give details because the deal that we are working on will be announced relatively quickly. But, we are trying to think of about where we have a footprint in Europe, where we need to add to that. Central Europe is of particular interest to us."
Cohrs said the deal would be relatively small, less than 500 million euros ($670 million).
The bank has previously indicated it wants to do bolt-on acquisitions in transaction banking, and Cohrs said he is looking at two types of businesses.
One option would be to buy an existing transaction-banking business from a bank which wants to exit the sector. That would let the bank take those existing clients on to Deutsche Bank's information technology platform and develop new relationships with them.
Another option is businesses that would expand Deutsche Bank's product offerings with "new products and new geographies," Cohrs said.
He also said that Asia would play a major role for the bank.
"Both in Corporate Finance and in GTB (global transaction banking), we are expanding in Asia," he said.