German politicians split over bankrolling Deutsche Bank merger

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.

Two money laundering behemoths

Lots of the European Banks are still in big trouble, all the European governments are in debt. Interest rates can’t go any lower. They still can’t finance the debts. When them music stops it’s going to go very very badly. Brexit

Ireland Ireland Latest News, Ireland Ireland Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

German finance minister: No plans for Deutsche Bank/Commerzbank merger in my budgetGerman Finance Minister Olaf Scholz said on Wednesday that he had not made any p... He didn't like it, but he had to go along with it
Source: Reuters - 🏆 2. / 97 Read more »

Deutsche Bank set to announce merger talks with Commerzbank: sourceDeutsche Bank was set on Sunday to confirm merger talks with fellow German lende... Poor Commerzbank. I hope they know how to reign in Deutche's shenanigans. 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
Source: Reuters - 🏆 2. / 97 Read more »

Deutsche Bank and Commerzbank Enter Formal Merger TalksDeutsche Bank and German rival Commerzbank announce formal merger talks. The planned announcement signals that discussions between the two banks that already had started informally are entering a new phase. .I. abilerim ablalarım💙😎 Better to launder money together. Brexit
Source: WSJ - 🏆 98. / 63 Read more »

German lawmakers challenge deputy finance minister's Goldman link in bank mergerGerman lawmakers on Monday criticized deputy finance minister Joerg Kukies and G... Scholz SPD has the main bank connection
Source: Reuters - 🏆 2. / 97 Read more »