November 12, 2018 / 9:32 AM / a month ago

Germany needs stronger banks - deputy FinMin

FRANKFURT, Nov 12 (Reuters) - German Deputy Finance Minister Joerg Kukies said on Monday that the country needs stronger banks and that an industrial policy in the financial sector has long been neglected.

“What we have stressed numerous times is that we have a big interest in stronger banks in Germany,” Kukies said at a conference when asked whether Germany needs a national banking champion.

Kukies, Germany’s deputy finance minister with responsibility for financial market policy and European issues, said that an industrial policy for the financial sector had long been “neglected” in Germany, but that it was up to banks themselves to decide what direction to take.

“We want to set up a positive framework,” he said.

Reporting by Tom Sims Editing by Maria Sheahan

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