Deutsche Bank and Commerzbank intend to start discussions about a possible merger. The two largest German shared with private banks, according to a separate meeting of their boards of Directors. The Board of Directors of the German Bank had decided “to consider strategic options,” announced the Bank in a statement. The objective should be that the Bank waxes and would be more profitable.
In a communication to the employees of the German Bank wrote to the chief Executive, Christian Sewing, the need to “deal with occasions when they offer”. The Board of Directors have the duty, the possibilities in the field of Bank, “to examine carefully”. Commerzbank said in a message of “open-ended talks about a possible merger”.
The exploratory talks would “take a while”, according to Deutsche Bank. “To us, thoroughness goes before speed,” said Deutsche Bank head of communications Jörg own village before journalists in Frankfurt. A merger will give it only if it is “economically sensible”. For this it need a good Plan, a good integration plan, and own village. This will now be explored with Commerzbank, after a decision in the case.
own village, according to the Deutsche Bank to remain even after a merger, a global Bank. Their “leading Position” in Germany and Europe could develop, possibly with Commerzbank.
The Federal Finance Ministry announced in a statement that you take “the decision of the two private banks, about the possibilities of a closer cooperation to speak with an open mind, knowledge”. The Ministry would be with all Involved regularly in contact.
months of speculation about a merger of the two institutions. Last weekend it was leaked that the German Bank head Christian Sewing and Commerzbank chief Executive Martin Zielke in a small circle, a merger of the two largest German private banks. The soundings are to be in a very early stage. “You want to check out, seriously,” Reuters quoted an unnamed insiders to financial circles. “It is not that it comes at the end of a transaction.”
Two dozen Meetings with the Secretary of state
again and again reiterated the Federal Finance Minister, Olaf Scholz (SPD), and his Secretary of state, Jörg Kukies: Germany need strong banks. The Federal government was open to “economically viable options”.
Alone Kukies met according to official data, in the past year, almost two dozen Times with leading representatives of the German Bank. At Commerzbank, the Federal government of its shareholding of 15 percent, which he holds since the financial crisis, has a say. According to media reports, Scholz, and Kukies should have the two Bank bosses urged to consider a walk – ideally before the European elections end of may.
The trade unions are against the merger because they fear the removal of tens of thousands. Trade Union representatives in the Supervisory boards of the two banks have announced plans to vote against a merger.
criticism comes from the left party: “Two sick turkeys make no eagles,” said group Vice-Fabio De Masi. The Minister of Finance Scholz’ve talked to the two banks “in a merger”. Scholz wanted to create a “mega Bank”, the “less is resolvable and, therefore, on the shoulders of the taxpayer charged to”. A Bank, for the taxpayer were liable to be attractive to investors, but a safety risk for the economy and population, criticized De Masi.
FDP-Chef Christian Lindner, the fusion welcoming plans. “Germany needs a strong private Bank. Alone, Deutsche Bank and Commerzbank were not,” he told the Bild newspaper. It should now be “on the basis of concrete concepts” tested whether a merger would be useful. This had to be done by the owner. “A state-threaded a forced merger would be neither for customers nor for the owners well,” said Lindner.
the merger Should succeed, it would create, by far the largest German Bank, with around 38 million Private and corporate customers, first of all, about 140,000 employees and a balance sheet total of almost two trillion euros.