Deutsche Bank (DB) will pause a plan to add new restrictions on financing oil and gas firms as it evaluates legal risks, Bloomberg reported Thursday, citing CEO Christian Sewing.
"The legal environment has changed, and we are currently analyzing this in detail in order to minimize potential risks for the bank," Sewing told shareholders at the bank's annual general meeting on the same day, as cited by Bloomberg.
The German lender has "largely completed" an update of its guidelines for the oil and gas sector, covering areas such as oil sands, fracking, and Arctic exploration, but the implementation timeline remains unclear.
Sewing added that the bank remains committed to its sustainability targets, including its 2050 net-zero goal, according to the news outlet.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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