Germany's two biggest lenders, the ailing Deutsche Bank and Commerzbank, said Sunday they would launch formal talks toward a possible merger that could create a
This combination of file pictures taken in Frankfurt am Main, western Germany, and created on January 17, 2019 shows the logo of German bank Commerzbank at the company's headquarters on April 28, 2015 and the logo of German company Deutsche Bank at its headquarters on February 2, 2018.
The lenders, both grappling with painful restructurings after years of falling profits, have long been the subject of merger rumours. If they did tie the knot, they would create a European banking behemoth with some 1.8 trillion euros in assets, close to France’s largest bank BNP Paribas. “Our stated aim remains to be a global bank with a strong capital markets business –- based on a leading position in our home market in Germany and in Europe, and with a global network.”A week ago Finance Minister Olaf Scholz sent up shares in both banks by confirming that “there are talks about the situation as it is” between the lenders, with the government a “fair companion” to the discussions.
“Putting two guys on crutches together doesn’t make a sprinter,” Markus Kienle of SdK, an association representing small retail shareholders, quipped earlier this year. It warned that “at least 10,000 further jobs would be in grave danger” on top of thousands already slated to go amid the far-reaching restructuring projects.
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