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Deutsche Bank set to announce merger talks with Commerzbank - source

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Deutsche Bank set to announce merger talks with Commerzbank - source
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   -   Copyright  Kai Pfaffenbach(Reuters)
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FRANKFURT (Reuters) – Deutsche Bank was set on Sunday to confirm merger talks with fellow German lender Commerzbank, according to a person with knowledge of the matter, an indication of progress in efforts to combine the two businesses.

Formal disclosure of talks increases the chances of concluding a tie-up between the nation’s two largest banks. A merger has long been the subject of speculation and has been pushed for by the German government amid concerns about the health of Deutsche.

Earlier this month a person with knowledge of the matter told Reuters that the management board of Deutsche had agreed to hold talks with Commerzbank on the feasibility of a merger.

“We are going to seriously evaluate a merger,” said a person with knowledge of the matter.

“But there is no guarantee that there will be a deal in the end,” the person said.

Deutsche Bank declined to comment, while Commerzbank also had no comment.

(Reporting by Tom Sims and Andreas Framke; Editing by Ed Taylor and Ludwig Burger and Keith Weir)

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