Failure of merger talks between Deutsche Bank and Commerzbank leaves both banks facing a bleak and uncertain future
We were looking for a compelling financial case in addition to the strategy of pursuing an in-market merger, and over the course of the last several weeks that case just didn’t emerge…it’s a combination of net synergies, implementation costs, the capital impact, and ultimately return for shareholders, and the business case simply wasn’t there.
Unicredit has for some time been interested in acquiring Commerzbank, apparently with a view to merging it with Unicredit’s existing German subsidiary HypoVereinsBank .
But the future of Deutsche Bank looks even worse. Too big and too toxic for another bank to swallow, it is heading for the breakers’ yard. Deutsche Bank’s poorly-performing asset management subsidiary, DWS, is also a prime candidate for sale. Just over a year ago, Deutsche Bank floated DWS, selling 22.5% of the shares for €1.4bn. But since then its performance has been dismal, with investor outflows and falling profit margins. In late 2018, Deutsche Bank replaced DWS’s chief executive, the fifth change since 2012. True to Deutsche Bank form, the new CEO promptly went on a cost-cutting drive.
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