Deutsche Bank chief meets Spanish premier

21 January 2011

Deutsche Bank chief executive Josef Ackermann has met with Spanish leader Jose Luis Rodriguez Zapatero to discuss the strength of the country's economy and its financial sector.

Bloomberg reports that the pair held talks in Madrid yesterday (January 20th 2011) and touched upon the recapitalisation of Spanish banks and the possibility of further stress tests on financial institutions across Europe.

Mr Ackermann defended Spain against criticism from other EU members during the financial crisis of late last year and told Mr Zapatero that he remained "confident in the future of the Spanish economy".

The 62-year-old's visit to the Spanish capital comes ahead of a summit between Mr Zapatero and German chancellor Angela Merkel scheduled for February 3rd. Deutsche Bank is believed to hold in the region of €10 billion ($13 billion) in eurozone government debt.

A source close to German regulators told Reuters this week that they would lobby for stress tests not to be "overly stringent", although the European Banking Authority made no comment.

By Claire Archer

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