Shares of Deutsche Bank and Commerzbank surged Monday after reports that the two have agreed to hold merger talks.
div > div.group > p:first-child"> Several media reports over the weekend suggested Deutsche Bank CEO Christian Sewing had dropped his opposition to the deal. Sewing was reportedly forced to reconsider his stance following investor pressure over the bank's declining performance.
A banking industry source with knowledge of the matter, who preferred to remain anonymous, told CNBC there's not massive support for the merger within Deutsche Bank."The general feeling is that the merger is not a great idea since Commerzbank doesn't have the same amount of credibility on the street as Deutsche Bank when it comes to clients and this can impact future trades."
"First of all, there is no sound economic reason from my perspective. There is no immediate need as there is no concern of the liquidity position ... And therefore it all boils down to whether you could create a strong bank out of the two," he said. "I think Germany probably wants a banking champion, but gosh, putting two big banks together is hard work," Grimstone told CNBC's Dan Murphy in Dubai.
While the government has made no official statement on the potential merger, speaking to CNBC at the World Economic Forum in Davos earlier this year, Economy Minister Peter Altmaier said he is willing to lend"political support" to Deutsche Bank in its recovery path.
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