German bank sector needs to consolidate: ECB

FRANKFURT (Reuters) – Germany has too many banks and there is a strong case for domestic mergers, European Central Bank supervisor Sabine Lautenschlaeger said on Tuesday.

“We have many banks in Germany and, for sure, discussions about consolidation in Germany are a positive, a very positive idea,” Lautenschlaeger told a conference. “In Germany the synergies within the country are pretty high.”

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