Explainer: Why Germany wants a merger to underpin Deutsche Bank

FRANKFURT: The German government has pressured Deutsche Bank into merger talks with state-backed Commerzbank amid concerns for the health of the country's flagship bank, according to officials familiar with the matter.Deutsche, the largest bank in Germany, Europe's biggest economy, emerged unscathed from the financial crash but later lost its footing.

Berlin wants a reliable national banking champion to support its export-led economy, known for cars and machine tools.Deutsche and other European banks have taken longer to recover from the financial crisis, losing ground to stronger rivals from the United States.Other than Deutsche, Commerzbank is Germany's only remaining big bank, after a series of mergers. The government holds a 15 percent stake after bailing it out during the crisis, giving it an important voice.

Deutsche's chief executive officer Christian Sewing would prefer to have more time to stabilize the bank before taking on a merger, people familiar with the matter have said.In February, Deutsche's management board gave Sewing the go-ahead for exploratory talks with Commerzbank, a person with knowledge of the matter said. There have been contacts among a small circle of executives. Talks could end without a deal, the person said.

The deal would make the German government a shareholder in the country's largest bank and executives would want to curb its influence. The continued pressure from Berlin makes it harder for Deutsche to go it alone. Merging with a state-owned lender, in the officials' view, offers a safe harbor.

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