German manufacturer Voith has been a customer of Deutsche Bank (DBKGn.DE) for more than a century. But as the maker of hydropower and paper plants expands abroad it said it has started to hire other international banks where it would have previously considered Germany’s largest lender.
That could be bad news for Deutsche, which was founded in 1870 to help companies with overseas trade. In April, it said it would refocus on German customers as part of a push to restore the edge it has lost in the decade since the 2008 financial crisis.
The new strategy is getting a cool reception at home. Voith and other German companies such as auto parts maker Bosch have turned to rivals and Deutsche’s share of its home market has diminished.
“German banks have lost ground compared to their international competitors,” said Voith group treasurer Michael Hannig. “We had to differentiate and allocate our business also across some international banks.”
Reuters spoke to 10 executives of German companies that are current and former clients of Deutsche who said they did not feel valued by the bank.