Pan-European banks need to be created in order to make sure the continent's financiers remain competitive as the global economy continues to recover from its downturn.
That is the opinion of Juergen Fitschen, chief executive officer of Deutsche Bank, who believes further consolidation is required in the region's banking sector due to the changing nature of the worldwide financial arena.
During an interview with German newspaper Boersen-Zeitung, Mr Fitschen warned that growth countries such as China, India, Brazil and Russia will "leave us behind" unless action is taken sooner rather than later, Reuters reports.
The senior official went on to say changes need to be made to the German banking market, as the country has to "get away from the idea that it's possible and necessary to have a branch in every small town" as the use of online services becomes more widespread.
Furthermore, Mr Fitschen revealed that Deutsche Bank supports most of the European Union proposals regarding the separation of banks' retail and investment activities.
By Claire Archer
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