Cerberus open to Deutsche Bank-Commerzbank merger
US investor puts its weight behind a possible merger between Germany's two largest banks
Frankfurt — US investor Cerberus, a major shareholder in both Deutsche Bank and Commerzbank, is open to a merger between Germany’s two biggest lenders, a person familiar with the matter said on Wednesday, raising the chances of a tie-up. Speculation of a merger has heightened under the tenure of finance minister Olaf Scholz, who has spoken in favour of strong banks. Both banks have been slow to return to sustainable profitability since the global financial crisis. “Cerberus wouldn’t stand in the way of a merger,” said the person familiar with the thinking of the US buyout firm. Cerberus holds 3% of Deutsche Bank shares and 5% of Commerzbank shares, and was previously opposed to a merger, German newspaper Handelsblatt reported on Tuesday. The buyout firm believes there is still room in Germany for two big banks but that it is an open question whether both can turn around their businesses on their own, the person said. Cerberus has not yet decided on the need for a merger, the person ...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.