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BREAKING NEWS

German SMEs oppose possible Deutsche-Commerzbank merger

German SMEs oppose possible Deutsche-Commerzbank merger
FILE PHOTO: Banners of Deutsche Bank and Commerzbank are pictured in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, September 30, 2016. REUTERS/Kai Pfaffenbach/File Photo -
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Kai Pfaffenbach(Reuters)
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BERLIN (Reuters) - Two powerful German business associations said on Friday they were not in favour of a possible merger between Deutsche Bank and Commerzbank, arguing that such a deal could harm competition.

"More competition is fundamentally welcome," Reinhold von Eben-Worlee, head of the Family Businesses Association, told Reuters. "Therefore, we see no reason why the two banks should merge."

Mario Ohoven, president of the German Association for Small and Medium-sized Enterprises (DMB), made similar remarks when asked about a possible merger.

"When two troubled banks come together there is no guarantee this will result in an economically powerful institution," Ohoven told Reuters. "Put bluntly: putting two limping entities together doesn't result in a European Champion."

(Reporting by Rene Wagner; Writing by Joseph Nasr; Editing by Arno Schuetze)

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