“Not an issue for us”
Commerzbank boss curbs merger speculation
January 23, 2024, 8:10 p.m
Listen to article
This audio version was artificially generated. More info | Send feedback
Commerzbank and Deutsche Bank are always flirting with a merger – a topic for the media, says boss Manfred Knof. He rejects the venture and focuses on the advantages of his bank’s independence.
Commerzbank boss Manfred Knof is dampening speculation about a merger between his institute and Deutsche Bank. When asked whether Commerzbank could again explore a merger with the industry leader in Germany, Knof said: “No, that is not our topic. I think that is always more of an issue for journalists and media – but not for us. ”
The CEO of Germany’s second-largest bank added on the sidelines of a “Welt” economic conference in Berlin: “Customers want independent private banks from which they can actually get their business financed.” Commerzbank is concentrating on its 2027 strategy program, which is geared towards growth.
Almost five years ago, the two financial institutions discussed a merger. The background to this was several branch closures by Commerzbank. However, the talks were put on hold in April 2019. The then Federal Government and the then Finance Minister Olaf Scholz were partly responsible for this. He had complained that German banks no longer had the “scale and globality” that was necessary to support companies in their business worldwide.
Deutsche Bank boss Christian Sewing and Knof, who has been in office since the beginning of 2021, have recently tried to get their banks back on track by cutting thousands of jobs and closing hundreds of branches. Knof has repeatedly emphasized in the past that Commerzbank is doing well on its own two feet and has made clear the institution’s independence.
When asked whether independence also meant to him that Commerzbank could also be the German business of a global bank, Knof said: “Independent means that we are an independent bank and have freedom of design, which is in the interest of our customers .” This is why all employees and he himself get up every day. “That is also the message we get from our customers, from German medium-sized businesses,” emphasized the 58-year-old. “Our customers want to have an independent, private German bank that supports medium-sized businesses abroad and finances their investments.”