At the end of April, it was clear that Deutsche Bank and Commerzbank would not get together. After a thorough analysis, it was concluded that a merger would not provide sufficient added value. Rumors about a possible merger of Germany’s second-largest bank with Italian Unicredit soon followed. Unlike the merger with Deutsche Bank, a merger with a major European bank could make sense for Commerzbank, the Berlin Tagesspiegel commented at the time. Now the newspaper announces the end of this fantasy.
One does not want to grow by acquisitions
Unicredit has no interest at present in a purchase of Commerzbank, reports the Tagesspiegel exclusively. “Our Group-wide strategic plan is based on growing out of ourselves and not through acquisitions,” said Markus Beumer, Corporate Clients Director at the German Unicredit subsidiary Hypovereinsbank, in an interview with the newspaper. As late as April, there had been speculation that Unicredit could buy Commerzbank and want to merge it with Hypovereinsbank.
Hypovereinsbank alone is “strong enough”
However, this is not an issue: Hypovereinsbank is strong enough “to continue growing with existing and new customers”, Beumer is quoted as saying. The institute did its homework at an early stage, it says, “Other institutes have yet to achieve the cost efficiency we have today,” Beumer told the Tagesspiegel.
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