Deutsche, Commerzbank tentatively talk about merger after months of speculation: source

FRANKFURT - The management board of Deutsche Bank has agreed to hold talks with rival Commerzbank on the feasibility of a merger, a person with knowledge of the matter told Reuters on Saturday.

Talks were at a very early stage and could fall apart, the person added, confirming information reported earlier by the Welt am Sonntag newspaper.Speculation about a possible merger between Germany’s two largest listed lenders has been rife for months, heightening under the tenure of Finance Minister Olaf Scholz, who has emphasized the importance of strong banks.

Welt am Sonntag reported that both banks were reacting to pressure from the government, which expects a decision on the merger in the coming weeks.The two lenders, which flirted with a merger in 2016 before focusing on restructuring, have struggled to return to sustainable profitability since the global financial crisis.

However, its market share has dwindled since the financial crisis and it has been plagued by three years of losses, ratings downgrades, failed stress tests and money laundering scandals. However, some of Deutsche Bank’s other key shareholders are opposed, stressing the need for patience to allow the bank to regain its footing.

Over the past year, Deutsche has undergone an abrupt management change that installed Sewing as CEO. The bank has trimmed its international operations to focus more on retail banking and its home market.In November, police searched the offices of all the members of Deutsche Bank’s board as part of an investigation into money laundering allegations linked to the Panama Papers.

Considering Deutsche Bank has been involved in money laundering, I don't think they should be rewarded by allowing them to grow larger.

Given Deutsche never got on top of its own tech, it would be amusing to watch these two banks mash their thousands of systems together.

How truly boring

I think that this will be biggest merger in the financial sector of Germany.

DC💚

This is big news.

Good thing they are in Europe. As long as they are giving opportunity for smaller competitors to develop mergers should not be prevented. The main concern is with monopolies is that they will form a zoo in their industry rather than a jungle, desert, forest or ocean.

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