BERLIN — Germany’s biggest bank, Deutsche Bank, and domestic rival Commerzbank have decided to open talks on a possible merger. Deutsche Bank has been engaged in a drawn-out restructuring and cost-cutting effort in an attempt to return to steady profits and put years of legal problems behind it. In Sunday’s statement, Deutsche Bank said its management “is focused on improving the growth profile and profitability of the bank.”Commerzbank, which received government aid during the financial crisis, also has been restructuring. The finance ministry has said that Germany needs strong banks but hasn’t commented on reports that it favours a merger. The economy ministry recently has talked of the importance of national and European “champions” that can compete on the world business scene, naming Deutsche Bank as an existing one.

Source: National Post March 17, 2019 12:21 UTC