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.
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.The government holds a stake of more than 15 percent in Commerzbank following a bailout and Deutsche Bank's shares have fallen 73 percent over the past five years.
Its chief executive, Christian Sewing, has said publicly in recent months he was focused on restoring profitability before taking on a complicated merger project.Commerzbank's chief, Martin Zielke, has been more open to the idea of a tie-up, a person with knowledge of his thinking said. Last month, he said speculation about a merger was"understandable".
Ratings agencies, which have cut Deutsche Bank's credit ratings to the lowest among its major competitors, have warned that a merger would be risky and difficult to execute.German officials have been worried about Deutsche since 2016 when the bank was negotiating a hefty fine with the U.S. Department of Justice for its role in the mortgage crisis.
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