Deutsche Bank and Commerzbank of Germany were in talks for a possible tie-up but the talks were abruptly called off because the banks felt the right time for any cooperation is yet to come. According to news reports, the talks, initiated by John Cryan, chief executive of Deutche Bank, ended at the preliminary stage itself. Martin Zielke, Commerzbank’s CEO, participated in the talks. Both, the reports said, felt it was not the right time to forge a combination. Deutsche Bank is now involved in a transformation with a planned downsizing in its retail banking operations, while Commerzbank is preparing for a major overhaul. Cryan meanwhile said at a conference that Deutsche Bank was not looking for partners in Germany. Cryan had in October set out a plan that involved selling off Postbank, cutting assets in its investment banking arm and exiting 10 countries.
