Societe Generale has agreed to buy Commerzbank’s EMC, strengthening its presence in areas such as derivatives while Commerzbank itself looks to sell off non-core assets.
Europe needs to create the conditions for banking consolidation before the continent can form true European banking champions, Deutsche Bank’s chief said.
Deutsche Bank (DBKGn.DE) downplayed the idea that a deal with cross-town rival Commerzbank (CBKG.DE) could materialize soon, after Bloomberg.
The euro rose to a 10-day high after officials said the European Central Bank (ECB) could wind down its stimulus program by end-2018 and that inflation was rising back to its target.
Commerzbank reported a smaller-than-expected fall in Q1 pretax profit and said it had accrued money to resume dividend payments this year, sending shares in Germany’s No. lender up almost 4 percent.
Oil prices eased from 3-1/2-year highs hit on worries the United States may be set to pull out of a key nuclear accord with Iran, while robust tech sector gains in Asia helped support world stocks.
VEB plans to file a class action lawsuit against Barclays , Commerzbank AG and Absa Bank over their roles in a 2015 share sale by Steinhoff, Financial Times reported.
Gold snapped a three-session losing streak as the dollar fell and China raised tariffs on U.S. products, escalating global trade tensions.
Oil neared its highest in six weeks after a surprise decline in U.S. inventories and as concern persisted over possible disruption to Middle East supply.
Italy’s 10-year govt bond yield was poised for its biggest weekly rise of the year so far, reflecting growing unease about a national election, just around the corner.