Deutsche bank and commerzbank merger talks｜Personal Loan｜EMVertex Credit
Deutsche bank and commerzbank, Germany’s two largest private Banks, announced today that they are in merger talks. The historic merger, despite government support, leaves open the question of whether it will create internationally competitive big Banks.
Germany’s financial industry was deeply hit by the global financial crisis in 2008. Deutsche Bank, the largest Bank, suffered a series of losses in recent years and broke out in the money laundering scandal. After tens of thousands of job cuts at Commerzbank, which was actively rectification, Germany still remained in the crisis, which cast a shadow over Germany’s financial stability.
Germany’s finance ministry, which bailed out commercial Banks during the financial crisis and now owns 15 per cent, believes a merger would strengthen Frankfurt’s position as a financial centre, with New York’s Cerberus Capital Management, deutsche bank’s majority shareholder, backing the plan.
Olaf Scholz, Germany’s finance minister, said in the autumn of 2018 that Germany lacked Banks “big enough” to help local companies expand and that the country, the fourth-largest economy, needed at least one “strong and multinational financial institution”.
However, there is also much domestic opposition to the merger, with critics saying the two Banks are so sick that a merger would not automatically create a healthy bank.
The two Banks have more than 130, 000 full-time employees combined, and unions are up in arms over plans to cut tens of thousands of jobs if the merger goes ahead.
The two Banks have only just begun talks on a merger, which would make it the eurozone’s second-largest bank after BNP Paribas.
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