A Direct Bank’s New Strategy in the Works, Says CEO Sven Deglow
The CEO of the Direct Bank, Sven Deglow, has announced that his team is working on a new strategy for the institution, which is expected to be presented in the fall. The strategy is intended to guide the bank’s development for the next five years and will be discussed with the bank’s governing bodies once it is complete. Deglow told the “Handelsblatt” that the bank’s goal is to grow, not just in terms of customer numbers, but also in terms of the volume of its assets and managed assets.
For private customers, the bank plans to continue to expand its securities business, said Deglow. For corporate clients, the institution will expand its offerings in existing segments, such as renewable energy and infrastructure and will also consider financing data centers or energy storage power plants in the future, the CEO announced. Deglow expressed confidence that the bank will benefit from the infrastructure plans of Germany’s Union and Social Democratic parties.
The Direct Bank is a subsidiary and the most important pillar of the Bavarian Bank, the BayernLB. Despite rumors to the contrary, Deglow ruled out the possibility of the bank being sold by 2024, stating that no one has discussed a potential sale with him since he took the helm in July 2024. He characterized the recurring rumors of a sale as a compliment, saying that they demonstrate the bank’s attractiveness and the success it has achieved in Berlin under his leadership.