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FILE PHOTO: The banners of Deutsche Bank and Commerzbank are represented in front of the German stock index, the DAX Board, at the Frankfurt Stock Exchange, Germany, on September 30, 2016. REUTERS / Kai Pfaffenbach / File Photo
BERLIN (Reuters) – Berlin and Brussels will decide on a possible merger between Deutsche Bank and Commerzbank ahead of the next European elections in May, WirtschaftsWoche magazine reported on Friday, citing an unnamed source.
"If there is no decision at that time, the subject will be finished," the source told the German magazine, adding that after the European elections, politicians in Brussels and Berlin would be linked to internal processes, which would hinder decision-making.
WirtschaftsWoche said that Germany and the EU needed to coordinate on the subject, as a possible merger could result in action on the part of the German state that could be seen as a help from Germany. ;State.
In an interview with the Financial Times on Friday, German Finance Minister Olaf Scholz reiterated that Germany needed a local banking champion to accompany German companies in global markets.
"We … We need German banks that can develop the capacity, skills and strength to support German companies operating globally in global markets," the paper quoted the newspaper as saying.
Report by Tbadilo Hummel; edited by Darren Schuettler
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