ING Groep has approached Commerzbank about a possible tie-up, a German magazine ...
FILE PHOTO: Pedestrians walk past the logo of ING bank by the group's main office in Brussels, Belgium, October 3, 2016. REUTERS/Francois Lenoir
Manager Magazin, citing unnamed sources, said ING made the approach to the German government, which owns a stake in the German lender, and to Commerzbank Chief Executive Martin Zielke. But Zielke declined to engage in formal talks, the report said.The three banks declined to comment. The German government was not immediately available for comment.
Commerzbank is a ripe candidate for a foreign takeover, which is one reason why the German government has been encouraging a tie-up with Deutsche to create a national champion, sources have told Reuters.
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