‘Fake news’: Deutsche Bank denies merger with UBS and Commerzbank
Deutsche Bank has dismissed reports that it is considering a merger with UBS or Commerzbank as “fictions of the press”.
Discussions about a tie-up with UBS had taken place in a strategy meeting with the supervisory board earlier in September, Handelsblatt, the German business daily, reported, citing unnamed sources.
The sources reported that Deutsche Bank managers in the talks had said an immediate merger was “completely unrealistic.”
The bank’s chief financial officer, James von Moltke, dismissed the reports, telling Reuters: “We are constantly amazed at what passes through the editorial filters and gets into the press."
The German government, which owns a 15 per cent stake in Deutsche, has fuelled merger speculation by saying strong banks would help boost exports.
Shares in Deutsche and UBS fell slightly on the denial, while Commerzbank gained 0.18 per cent.
It would make more sense to merge with UBS as the banks would complement each other in investment banking and wealth management, Handelsblatt said, while merging with Commerzbank may force a restructure because of overlap.
Germany’s biggest bank, Deutsche has filed three years of straight losses.
A UBS spokesperson was unaware of any approach from Deutsche, saying: “We have nothing to say on this from our side. It is up to Deutsche what they look at.”
Commerzbank did not wish to comment. Deutsche Bank declined to provide comment.