Deutsche Bank and Commerzbank on Sunday confirmed they were in talks to possibly...
FRANKFURT - Deutsche Bank and Commerzbank on Sunday confirmed they were in talks to possibly merge, an indication that efforts to combine Germany’s two largest lenders are gaining pace.
“In light of arising opportunities, the management board of Deutsche Bank has decided to review strategic options,” Deutsche said in a statement. It said there was no certainty of a deal and that the board was “focused on improving the growth profile and profitability of the bank”.Formal disclosure of talks increases the chances of concluding a tie-up that has long been the subject of speculation and surfaced in 2016 before both banks decided to focus on restructuring.
Berlin also wants to keep Commerzbank’s speciality - the funding of medium-sized companies, the backbone of the economy - in German hands. The merged bank would have roughly 1.8 trillion euros in assets, such as loans and investments, and a market value of about 25 billion euros , based on Friday’s closing stock prices.
Some major shareholders have privately said they were against a merger, but the U.S. investor Cerberus, a large investor in both banks, has favored talks, a person familiar with the matter has told Reuters.
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