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Deutsche Bank, Commerzbank CEOs resume talks - Focus magazine

Credit: Reuters Studio
Published on March 8, 2019 - Duration: 01:10s

Deutsche Bank, Commerzbank CEOs resume talks - Focus magazine

A magazine report says Deutsche Bank and Commerzbank's chief executives have resumed talks over a potential merger.

But as Pascale Davies reports, sources have told Reuters that the banks' top managers have no mandate for any talks.

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Deutsche Bank, Commerzbank CEOs resume talks - Focus magazine

Hopes that merger talks have resumed between Germany's two biggest banks were raised on Friday but then dashed.

A report by Focus magazine says Deutsche Bank and Commerzbank executives have been in intense talks for some days.

But: sources later told Reuters that the two chiefs had not been mandated to negotiate.

One of them describing that idea as "total nonsense".

The banks themselves declined to comment.

Both have been tight-lipped on the issue for months.

(SOUNDBITE) (German) DEUTSCHE BANK CHIEF EXECUTIVE CHRISTIAN SEWING, SAYING: "We do not comment, ever.

That's been our policy and will continue to be." (SOUNDBITE) (German) COMMERZBANK CHIEF EXECUTIVE OFFICER, MARTIN ZIELKE, SAYING "The current speculation is understandable.

But you will also understand that I won't participate in it, neither today or in general." The banks have been slow to recover from the global financial crisis.

And speculation over a merger has heightened under Finance Minister Olaf Scholz, who has spoken out in favour of strong banks.

Deutsche has suffered from failed stress tests, ratings downgrades and money laundering scandals.

Commerzbank is still partially owned by the German government after a state bailout.

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