German bank merger hopes crumble as Deutsche Bank and Commerzbank scrap talks
FRANKFURT - Deutsche Bank and Commerzbank abandoned their merger talks on Thursday, with the risks of doing a deal, restructuring costs and capital demands dashing efforts to forge a German mega-bank.
The announcement followed a final in-person meeting early on Thursday between Deutsche Bank Chief Executive Christian Sewing and his Commerzbank counterpart Martin Zielke, two people said. German government officials, led by Finance Minister Olaf Scholz, had pushed for a tie-up to create a national banking champion and end questions over the future of both banks, which have struggled to recover since the financial crisis.
“It is clear that others will now come out of the woodwork with offers and ideas,” the manager told Reuters. UniCredit and ING declined to comment after news that talks between Deutsche Bank and Commerzbank had failed.
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