Managers at Deutsche Bank and Commerzbank lack official authority to engage in merger discussions, according to two individuals familiar with the situation. The revelation contradicts earlier claims by Focus magazine that chief executives of both institutions had received board approval to restart talks about a potential consolidation.
The anonymous sources emphasized that no formal mandate exists for merger negotiations, despite the publication's assertion of executive-level engagement. The report was authored by Andreas Framke and Hans Seidenstuecker, with editing by Arno Schuetze.
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