Deutsche Bank and Commerzbank start talks about possible merger. The board had "decided to consider strategic options," it was said on Sunday by the Deutsche Bank. The Executive Board will evaluate these options to see if they strengthen the Bank's growth and profitability. Commerzbank was talking about "open-ended talks about a potential merger".
German bank chief Christian Sewing emphasized in a message to the coworkers that a wedding of the two financial houses is by no means a foregone conclusion. "We will only pursue economically viable options that will allow us to build on our progress of 2018," the message says. At the present time it is not clear whether it will come to a transaction at all. "Experience shows that there can be many economic and technical reasons that can prevent such a move."
For months, there is speculation about a merger of the two institutions. Time and again, Finance Minister Olaf Scholz (SPD) and his State Secretary, former Goldman Sachs head of Germany Jörg Kukies, confirmed that Germany needs strong banks. The Federal Government is "open to economically meaningful options." After the announcement of the merger talks by the banks, the Federal Ministry of Finance initially only said that they took note of the decision of the two private banks. "We are in regular contact with everyone involved."
Federal Government holds 15 percent in Commerzbank
The influence of the Ministry of Finance on the banks met with clear criticism. The Union budget politician Eckhardt Rehberg said on Sunday: "I call on Finance Minister Scholz to restraint". He also warned: "A merger of the two banks must make sense according to purely business criteria." The banks have to decide for themselves. The state should not interfere. "The taxpayer may under no circumstance be co-liable." The Federal Government's share in Commerzbank alone does not legitimize a merger. "
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The Confederation holds a 15 percent stake in Commerzbank. The CSU finance politician Hans Michel Bach demanded that the state must separate before a possible merger of it: "A participation of the federation in a merged large bank on the detour of the old participation must not exist.) We need no German state bank AG."
Even in the population, the scenario of the bank wedding is judged critically: Across all party boundaries away reject a majority of the population from a merger. According to SPIEGEL information, the employee representatives on the supervisory boards of the banks also want to vote against a merger.