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Deutsche Bank, Commerzbank merger talk ‘speculation’: German finance minister

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LONDON – Germany’s Finance Minister Olaf Scholz said on Friday he was in talks with banks about their future and called reports of a merger of Deutsche Bank and Commerzbank “speculation”.

Media reports have said that Germany would want a merger of its two main banks to go through before European Parliament elections in May.

Scholz said he couldn’t imagine what the elections have to do with the banking sector and was speculation that he could not understand.

“The truth is we are discussing the situation of the financial industry in Germany, it’s the task of our government,” Scholz told a Bloomberg event in London.

A stable banking system is needed to underpin German companies who want to go abroad to export, he said. It was important to have both international and national banks operating in Germany to serve the economy.

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