Deutsche Bank and Commerzbank have confirmed in drought rates “to speak with an open mind” about a merger. However, there can be only one result, hopes Henrik Böhme.
It is rampant, apparently is a Virus in Berlin’s government district. Because you are talking about recently constantly of the “national Champions”, when it comes to the German economy. The youngest of the victims that you identified, is the Deutsche Bank. Frankfurter, once the only major German Bank of international reputation, is now to be such a Champion and so it wants the Federal Minister of Finance – with the Commerzbank to merge.
So this has been going on for weeks: As rumors by the world wabern, because the Minister of Finance time can be a set of traps, then come out, both banks will talk about long in the smallest circle and informally with each other. And now, finally, since this Sunday is clear: To speak formally to each other, to explore whether such a merger would bring something. All of this is dilettantism in pure culture.
If both houses have really felt the desire to find each other, then you would have made it so that no one else finds out. With encrypted Mails, communicates, the project a code name that only a few Insiders know it and then communicates, when the exchange request rules: Namely, if there really is what to tell.
Henrik Böhme, DW-business editorial
Drought releases, listless letter
But now, because of the pressure of the policy was, apparently, too big, had to confess to both houses on the Sunday color. Both did it in the shortest possible Form, the Commerzbank, in a single long sentence, the German in four short sentences. Deutsche Bank-head Sewing afterwards pushed still a letter to his employees. There one reads of each line, how much Sewing will this merger. You must, it says, “to deal with occasions when they offer”. The Commerzbank – an opportunity?
You want to talk about “open-ended”, after all, and the Deutsche Bank refers to the fact that there is no guarantee that it comes to a “transaction”. Perhaps this is a sentence that has been written for the Federal Minister of Finance. Apparently, Olaf Scholz wants to go to the meeting of the two houses.
But what can it be, that drives the social Democrats and Vice Chancellor? Okay, to the Federal 15 per cent of the shares in Commerzbank are still, as a reminder that Commerzbank had to be rescued in the financial crisis. And why she had to be saved? Because they had bought previously for nine billion euros for Dresdner Bank. After the financial crisis, the policy has promised (not only German): Never again is a Bank with taxpayers ‘ money will need to be saved. Really, the promise was not kept, and Italy, for example, saves diligently continue its ailing banks.
It should come actually to the “German Commerzbank”, would be involved, the state is still a five percent stake in the merged institution. This could be understood as a kind of state guarantee. The new house would be its balance-sheet total (it would be number 2 in Europe behind BNP Paribas) “too big to fail” and would need to be saved in case of a wrong situation, of course, by the state.
The question of the meaning
But still no one can explain what is the purpose of such a Fusion is to be located and what would be the advantages. To be in the case of the balance sheet total, number 2 in Europe sounds good, but on paper is worth nothing. Because the exchange-value it looks dramatic, much darker. The two banks have overlapping business areas, especially in the area of Mittelstand financing. There, in the middle class, in the case of the many “secret world masters”, currently probably the most Worry. Because the want to financing a clear point of contact in matters of business. And could you get lost, should be found together, the two houses actually, because it is Olaf Scholz.
Because such a merger, the new Bank would be engaged too much with itself: A Fusion of binds for years, forces, costs billions, and probably thousands and thousands of Jobs. The Deutsche Bank currently has to do all hands fully to integrate Postbank (largest German private customer Bank) a second Time; the first Time it didn’t work, billions did it cost anyway. And now another Bank, with a wide range of IT systems, with the unbundling of overlapping business areas. This is not actually affordable.
No, the fusion idea of Olaf Scholz, a national banking Champion is not a bad to say: it is nonsense. It is to be hoped that at least the talks between the two banks talk to the unqualified in-Between from Berlin, influenced. In the rest of Germany has in terms of banks ‘ long-again a national Champion: The savings banks, often considered to be boring and expensive apparatus of the notorious, have earned in the past year, over two billion Euro. So they were in 2018, dramatically more efficient than a German or Commerzbank.