March 29, 2016 / 9:31 AM / 4 years ago
Following on from our note in December last year, Germany's two central co-operative banks, DZ Bank and WGZ Bank, have now been given approval by the anti-trust regulator to merge. The move is designed to cut costs, build an economy of scale, boost capital by more than €500m, and help diversify the range of subsidiary products and services available to the local co-operative banks. The joint central institution is due to launch in August this year under the new name of DZ Bank.