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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Deutsche Bank Aktiengesellschaft | NYSE:DB | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.31 | 1.91% | 16.50 | 16.49 | 16.295 | 16.35 | 1,846,182 | 00:36:35 |
By Patrick Costello
Shares of Deutsche Bank AG (DB.XE) and Commerzbank AG (CBK.XE) rose in afternoon trading Wednesday following reports that the German government was involved in talks to simplify a potential merger between the two lenders.
The discussions--which include Finance Minister Olaf Scholz and Deutsche Bank Chief Executive Christian Sewing--are focused on "concrete ways" Germany can facilitate a merger between the two banks, according to Bloomberg.
These potential measures include amending German tax law to make a merger between the two banks less costly, Bloomberg reported.
Deutsche Bank traded up 5.9% at 7.87 euros ($8.93) on the news at GMT 1613. Commerzbank shares were up 5.5% at EUR6.93.
Shares of the struggling Deutsche Bank and Commerzbank are down year-to-date 50% and 44%, respectively. Commerzbank was pushed out of the German DAX index in September by the online-payment specialist Wirecard (WDI.XE).
Deutsche Bank and Commerzbank both declined to comment on the reports of a potential merger.
Deutsche Bank referred to comments from Mr. Sewing earlier this year that the bank's priority over the next 18 months will be improving profitability.
"Once that has happened, we can talk about other things," Mr. Sewing said in September.
The German Finance Ministry said it does not issue comments on individual institutions, according to a spokeswoman from the ministry.
The German Finance Ministry holds over 15% of Commerzbank shares.
Write to Patrick Costello at Patrick.Costello@dowjones.com.
(END) Dow Jones Newswires
December 12, 2018 11:51 ET (16:51 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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