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BETWEEN six and 10 institutions will survive to be leading global investment banks in 2005, according to Deutsche Morgan Grenfell.

  It said the two groups' own merger to form one bank had ensured its place in the top flight.

  Simon Murray, group chief executive Asia-Pacific of Deutsche Bank, and John Craven, chairman of Deutsche Morgan Grenfell - the product of a GBP950 million purchase by Deutsche Bank in 1989 - said the merger had taken eight months to achieve and now allowed Deutsche Morgan Grenfell to offer the whole range of investment banking services.

  Mr Murray said the merged entity was more tightly focused and had identified key product segments so it could offer an array of products to clients.

    'We're off to the races,' Mr Murray said. 'We're ready to go.'   Deutsche Morgan Grenfell would use a single delivery system, work under a single name and under a single management structure, Mr Craven said.

  Whereas in the past Morgan Grenfell might have concentrated on equities, and Deutsche Bank on bonds, the combined entity would offer the whole range of investment banking products.

  Up until now Deutsche Bank had focused on corporate banking, 70 per cent of its profits coming from trade financing and lending activities, while Morgan Grenfell had made money from stockbroking, said Mr Murray.

  Mr Craven predicted that investment banking would be reduced to between six and 10 global players - split evenly between Europe and the United States - within the next decade, and Deutsche Morgan Grenfell intended to be among them.

  The Japanese were out of the picture, having fallen victim to their own internal problems, he said.

  He tipped Swiss Banking Corp as a possible contender, along with ING, Dresdner Bank, and ABN-AMRO. SBC has taken over S G Warburg, ING bailed out Baring Brothers, Dresdner Bank is buying Kleinwort Benson, and ABN-AMRO, which owns British stockbroker Hoare Govett, is rumoured to be on the lookout for further acquisitions.

  Mr Craven said the bank wanted to be in a better position to mediate between those groups wanting money - corporates or government agencies or governments - and those that provided money, such as pension funds, insurers and supranationals like the World Bank or the Asian Development Bank,   One of its coups was bringing the World Bank to market with a US$5 billion bond issue, said Mr Craven.



Banking group plans to be part of elite