Cerberus open to Deutsche Bank-Commerzbank merger

27 February 2019 - 18:08Banners of Deutsche Bank and Commerzbank in front of the DAX board in Frankfurt, Germany. Picture: REUTERS/KAJ PFAFFENBACHFrankfurt — US investor Cerberus, a major shareholder in both Deutsche Bank and Commerzbank, is open to a merger between Germany’s two biggest lenders, a person familiar with the matter said on Wednesday, raising the chances of a tie-up.

Cerberus holds 3% of Deutsche Bank shares and 5% of Commerzbank shares, and was previously opposed to a merger, German newspaper Handelsblatt reported on Tuesday. Deutsche Bank has more than 20-million personal and business customers, and Commerzbank around 18-million. A merger between the two banks has appeared more likely since last month when two people with the knowledge of the matter said time was running out for Deutsche Bank to turn itself around on its own. But some major shareholders see no need for a deal.

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