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Bloomberg
Commerzbank AG has been sounded out by ING Groep NV about a possible combination of the two lenders, according to a person familiar with the matter, as the German firm’s talks with domestic rival Deutsche Bank AG draw increasing criticism.
Commerzbank shares extended gains after Manager Magazin first reported the talks, citing people it didn’t identify. ING Chief Executive Officer Ralph Hamers has reached out to both the German government and his Commerzbank counterpart, Martin Zielke, in an effort to start discussions, that report said. ING, the biggest Dutch bank, has a market value of almost 47 billion euros ($53 billion), almost five times Commerzbank’s 10 billion euros. Officials for ING, Commerzbank and the German Finance Ministry declined to comment.