DB - Deutsche Bank focuses on expanding payments processing - FT

Deutsche Bank (DB) is looking for acquisitions and joint ventures in its quest to beef up its presence in Europe's consolidating payments processing industry, the Financial Times reports, citing an interview with Stefan Hoops, head of Deutsche Bank's corporate bank."Digital payments are one area with the highest strategic priority for us," and "non-organic growth is clearly an option," he said.The German bank has hired a number of external payments experts in recent months with Andre Bajorat, founder of fintech Figo, among them. It has also added some senior managers from bankrupt payment processing company Wirecard, including Kilian Thalhammer.Still, it decided not to acquire Wirecard's technology and assets.Deutsche Bank's digital payments processing business is still tiny, generating only EUR 100M in annual fees last year, a number Hoops vows to double within three year. By contrast DB posted EUR 28.2B in revenue last year.The move could allow the bank to expand

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Deutsche Bank focuses on expanding payments processing - FT