A dispute is unfolding between the two political parties that govern Germany, as plans develop on a merger between Deutsche Bank and Commerzbank
BERLIN - A political rift has emerged in Berlin over whether Germany should put its financial muscle behind a merger of Deutsche Bank and Commerzbank, politicians and officials said, complicating a bid to create Europe’s third-largest bank and fund it.
One senior German official said that Scholz, a Social Democrat, had “gone it alone” in pushing for the deal without first securing the backing of Christian Democrats in the coalition. Within the Social Democrat party, attempting to reposition itself closer to regular working Germans as its support dwindles, some oppose a tie-up that trade unions fear will result in the loss of tens of thousands of jobs.
The bank may need more funds because a tie-up could legally trigger an adjustment in the value of Italian government bonds owned by Commerzbank, to reflect their depleted worth, a second German official has said.
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