BERLIN/LONDON, Sept 17 (Reuters) - Deutsche Bank
supports the establishment of the Defence, Security
and Resilience Bank (DSRB), an initiative to create a global
state-backed defence bank to fund countries' rearmament, it said
on Wednesday.
Deutsche Bank has joined rivals already signed up including
JPMorgan ( JPM ) and Commerzbank in assisting the
proposed multilateral lender, according to the DSRB's website. A
DSRB spokesperson declined to comment.
Deutsche Bank did not specify how it was helping. Other
banks have said they were providing technical assistance to get
DSRB up and running, while Dutch lender ING said it
provided a start-up loan.
"Deutsche Bank is committed to continuing to support ongoing
efforts by the EU, the German government, the UK government and
others to enhance defence resilience in Europe," the bank said
in a press release.
The DSRB has been proposed by former NATO security advisers,
senior ex-military personnel and bankers. Its aim is to found a
triple-A rated institution capable of raising 100 billion pounds
($137 billion) to fund defence projects, particularly in
countries that may struggle to access cheaper finance.
Reuters reported earlier this month that Britain would not
back the initiative, in an early blow to the proposed project.
The DSRB held a meeting in London earlier this month
attended by 35 countries from NATO nations, the EU and the
Indo-Pacific region - including all G7 nations - to discuss the
proposals. It has not yet said whether it has secured financial
backing from any countries to support its launch.
($1 = 0.7320 pounds)