German banks are among the least profitable in Europe with the slimmest capital bases.
Companies are more dependent on bank lending in Germany than anywhere else in Europe.
There is a huge number of smaller lenders, strongly influenced by local politicians, that can be used to serve entrenched interests and protect inefficient companies.
Total assets of what is called the Savings Banks Finance Group were 2.38 trillion euros ($2.78 trillion) at the end of 2020, versus 2.49 trillion euros for BNP.
Most savings banks in Germany are chaired by a local elected official like a mayor, according to a Bruegel study, making them tools for political patronage. They also operate away from oversight by the European Central Bank.
Bloomberg 30 September 2021
Deutsche Bank at present trades at 0.2 times its stated book value 2016-09-29
https://englundmacro.blogspot.com/2016/09/deutsche-bank-at-present-trades-at-02.html
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