DZ Bank and WGZ Bank are to merge in a deal with will create the country's third-largest banking group; between them they have assets of €501bn, ranking them behind Deutsche Bank with €1.7tn and Commerzbank with €564bn. The new entity will begin operations in August next year and will be headed by DZ Bank's current CEO, Wolfgang Kirsch. DZ Bank posted a net profit last year of €234, more than any other German bank, whilst WGZ Bank managed a net profit of €2.16bnm. Wolfgang Kirsch said that given the continuing pressures on the banking system, along with ultra-low interest rates and tougher regulations, the timing of the merger seemed right.
DZ Bank and WGZ Bank are to merge in a deal with will create the country's third-largest banking group; between them they have assets of €501bn, ranking them behind Deutsche Bank with €1.7tn and Commerzbank with €564bn. The new entity will begin operations in August next year and will be headed by DZ Bank's current CEO, Wolfgang Kirsch. DZ Bank posted a net profit last year of €2.16bn, more than any other German bank, whilst WGZ Bank managed a net profit of €234m. Wolfgang Kirsch said that given the continuing pressures on the banking system, along with ultra-low interest rates and tougher regulations, the timing of the merger seemed right.