European Nato defence spending is expected to more than triple over the next decade, from around €510 billion in 2025 to more than €1.6 trillion by 2035. Public budgets cannot fund that alone. Defence companies, from primes to small suppliers, need financing, hedging, working capital and access to investors. In any bank, a defence transaction involves a dozen teams and raises sanctions, export-control and reputational questions at every step; and many European banks have spent years reducing their exposure to the sector.
In 2025, Deutsche Bank’s answer was collaboration, with its markets business taking the lead.
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