(Bloomberg) -- The European banking industry has withstood the challenge posed by the crisis sparked in March, Deutsche Bank AG Chief Executive Officer Christian Sewing said.
“The past weeks were a test for the European financial industry - but we weathered it well,” Sewing said at a press conference on Monday, where he was speaking in his role as head of the German banking lobby BDB. “The foundations of that are profitable and robust banks, including in Germany, and a regulatory and supervisory system in the European Union that has been strengthened substantially since the financial crisis.”
Europe's banks faced investor fears about contagion last month after several lenders in the US and Switzerland — including Credit Suisse Group AG — faced collapse amid unprecedented bank runs. A few days later, Deutsche Bank was in the middle of worries about the industry generally that sent prices for insurance on its bonds temporarily shooting up.
A Single Bet on Deutsche Bank CDS Is Seen Behind Friday Rout
The bank runs have alarmed regulators who are now thinking about ways to adapt regulation to the new reality. Sewing said in his speech that European regulation has worked well in the past and is generally more strict than in the US.
More stories like this are available on bloomberg.com
©2023 Bloomberg L.P.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.