Deutsche Bank’s chief executive Christian Sewing has agreed to hold tentative talks with local rival Commerzbank after Berlin, worried about Deutsche’s health, pushed for a merger.Deutsche Bank has struggled to generate sustainable profits since the 2008 financial crisis and has paid billions of euros in penalties and fines.
The views of the two major investors contrast with those of U.S. investor Cerberus Capital Management, a major shareholder in both banks. A person familiar with the matter said last month that Cerberus was open to a merger, increasing the chances of a tie-up. Shares in Deutsche Bank and Commerzbank rose sharply on Monday as German business warmed to the prospect of a merger between the country’s two largest banks.
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