Deutsche Bank

Deutsche Bank is based in Frankfurt. German Mittelstand and large corporate relationships, cash management, and lending are the franchise that survived a long restructuring of the trading business.

A German company that clears payments and holds revolving credit at Deutsche Bank has an operating setup, covenant package, and local coverage that Commerzbank or a foreign bank would have to replace. Investment-banking mandates for European issuers are shared with BNP Paribas, Barclays, and JPMorgan.

The bank is also a primary dealer and a counterparty in euro rates and credit, so asset managers who trade those markets depend on its balance sheet being available. That markets role is narrower than it was a decade ago and is no longer the whole firm.

German corporate primary-bank relationships are concentrated and slow to move.

Transaction-banking mandates bundle payments, liquidity, and trade services.

Euro-market dealing capacity is part of the plumbing for bond investors.

A mid-sized German manufacturer that banks with Deutsche often has its entire credit and payments file there.

Institutional clients who still use the bank for euro trading need it as a counterparty, not as a retail brand.