Deutsche Bank set to announce merger talks with Commerzbank: source

FILE PHOTO: Banners of Deutsche Bank and Commerzbank are pictured in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, September 30, 2016. REUTERS/Kai Pfaffenbach/File Photo

FRANKFURT - Deutsche Bank was set on Sunday to confirm merger talks with fellow German lender Commerzbank, according to a person with knowledge of the matter, an indication of progress in efforts to combine the two businesses. Formal disclosure of talks increases the chances of concluding a tie-up between the nation’s two largest banks. A merger has long been the subject of speculation and has been pushed for by the German government amid concerns about the health of Deutsche.

Earlier this month a person with knowledge of the matter told Reuters that the management board of Deutsche had agreed to hold talks with Commerzbank on the feasibility of a merger.“But there is no guarantee that there will be a deal in the end,” the person said.Reporting by Tom Sims and Andreas Framke; Editing by Ed Taylor and Ludwig Burger and Keith Weir

Germany is attempting to merge two of its largest banks to address their troubles. If the UK is to stay in the EU beyond the 29th, it should block this merger on the basis that it is not evident it solves the problems; instead creates a bigger problem. Brexit ECB NYSE

Poor Commerzbank. I hope they know how to reign in Deutche's shenanigans.

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