Deutsche Bank and Commerzbank are divided over the pace of their merger talks, two people with knowledge of the matter said on Wednesday.
Commerzbank would like to see a speedy decision on whether to deepen the discussions or not, while Deutsche Bank needs more time, said the people, who spoke on condition of anonymity.
Germany’s two largest banks announced on March 17 that they were in talks to merge. The differences on the timeline are not seen as significant enough to derail the negotiations.
Upon initiating formal talks with Deutsche Bank, Commerzbank CEO Martin Zielke told bankers that management aimed for a decision on whether to go forward with a merger in the next two to three weeks, two sources with knowledge of the matter said at the time.
In a memo to employees days later, Zielke said he would aim “to ensure that a decision is reached soon.”
As the two-to-three week time window draws to a close, speculation is mounting that a decision could be imminent.
German business magazine WirtschaftsWoche reported that Commerzbank’s executive board is due to decide on April 9 whether to intensify merger talks with Deutsche Bank or back away from a deal.
Both Commerzbank and Deutsche Bank declined to comment on the report.
However, one of the two sources with knowledge of the matter told Reuters: “As of today there is definitely no date when a decision will be taken on whether the discussions will proceed.”
Source: Reuters.com