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Scholz was the first to publicly reveal the merger talks earlier this month but he has since sought to distance himself from the process, insisting it is up to the companies to decide. A spokesman said Scholz had “not voiced any position on the merger talks”, declining to comment on possible future government action. But his stance and the idea of merging the banks have prompted criticism. “The taxpayer cannot be made liable,” Eckhardt Rehberg, a member of Chancellor Angela Merkel’s conservative Christian Democrats bloc, told Reuters. “I’m calling on finance minister Scholz to hold back.”.

Within the Social Democrat (SPD) party, attempting to reposition itself closer to regular working Germans as its support dwindles, some oppose a tie-up that trade unions fear will result in the loss of tens of thousands of jobs, “It is not clear for me how putting two sick banks together will result in a healthy one,” Cansel Kiziltepe, a Social Democrat lawmaker, told Scholz in a closed-door meeting this week, she said, Through its stake in Commerzbank, the cufflink store the German government would become a top shareholder in a merged group, playing a central role in any fusion..

Berlin, which pushed the merger talks in the first place, could pull the plug if it believes a deal would be politically unpalatable. Germany’s continued support is important because it could be called on to contribute to a capital increase for a combined bank. The bank may need more funds because a tie-up could legally trigger an adjustment in the value of Italian government bonds owned by Commerzbank, to reflect their depleted worth, a second German official has said. With Berlin as a shareholder, the merged bank would be seen as having an implicit government guarantee of its creditworthiness, cutting its cost of funding.

However, in order for Germany to row in behind Deutsche Bank, there must be political agreement among the two parties, who are at loggerheads on a range of issues, Gains by the far-left and far-right in Germany have undermined its traditionally consensus-driven politics, with the SPD and CDU the cufflink store now trying to establish a clear distinction between each other, Regional elections in the coming months could heighten tensions in government further or even trigger a change of parties in charge, further complicating any future state support..

“The finance minister can not give political presents to promote a merger,” Otto Fricke, a parliamentarian from the pro-business FDP party that could become a junior partner in a future coalition government, told Reuters. Merkel, who will have the final say in Berlin on whether the government should openly support a merger, has kept her cards close to the chest. Her chief of staff has hinted at one potential hurdle, describing the prospect of thousands of job cuts in a recent interview as difficult.

FRANKFURT (Reuters) - Deutsche Bank chief executive Christian Sewing believes there is a strong case for a merger with Commerzbank, a person with direct knowledge of his thinking said, Sewing’s view sets the stage for a potential showdown with labor unions who fear as many as 30,000 job the cufflink store cuts in Germany’s two biggest banks become one, He will also have to persuade some investors who are skeptical about the merits of a tie-up, The supervisory boards at both banks met separately on Thursday and discussed the proposed merger, but no decisions were taken by either..

Deutsche Bank and Commerzbank declined to comment. Sewing sees a merger bringing multiple benefits, including “clear” dominance in the combined bank’s German home market, scale, and shared technology costs, the person said before Thursday’s Deutsche Bank supervisory board meeting. He also believes that a combined entity would improve the cost of funding, with “the best funding ever”, the person said, adding that jobs will need to be cut with or without a merger.

Deutsche Bank’s CEO has urged investors to be patient in recent months, preferring to focus on an internal restructuring before taking on a big project, other people with knowledge of his thinking have said, Sewing’s until now private view also contrasts with the more neutral tone set in a letter to employees on Sunday after both Deutsche Bank and Commerzbank confirmed talks, Sewing said then that many factors could still prevent a the cufflink store merger, And Deutsche Bank would not have entered talks if the bank expected negotiations to fail, a second person with knowledge of Sewing’s thinking said..

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