Germany mulls merger of two biggest banks – report

Business 1/11/2019, 5:49 PM
Germany mulls merger of two biggest banks – report

The Ministry of Finance in Berlin has unveiled a review of "economically viable options" for Deutsche Bank AG and Commerzbank AG, Frankfurter Allgemeine Zeitung reported on Friday. It cited a reply sent yesterday to lawmaker Danyal Bayaz by Bettina Hagedorn, parliamentary state secretary, who said such discussions would be held.

Stocks of the country's flagship lender, which was dropped from the Euro Stoxx 50, have been setting new all-time lows since the middle of last year and the situation worsened with police raids in November over alleged money laundering. Commerzbank has lost its spot in the DAX index last year and is testing its own negative record, which further fueled speculation about possible mergers.

The media outlet highlighted the importance of intensive contacts between the ministry, led by Olaf Scholz, also a member of the Social Democratic Party, and Deutsche Bank, amid the exploration of strategic options.

Breaking the News / IT

Share:

Deutsche Bank+1.85%

7.926
Chart for: DEUTSCHE BANK AG NA O.N.

Commerzbank+4.87%

6.737
Chart for: COMMERZBANK AG