German Finance Minister approached UBS about acquiring 17% stake in Commerzbank - magazine

By IVCPOST Staff Reporter

Jul 13, 2013 11:33 AM EDT

On Saturday, Focus magazine reported that Wolfgang Schaeuble, Germany's Finance Minister, talked to the chairman of UBS. According to the report, the negotiation was about the likelihood of the Swiss bank purchasing the country's outstanding stake in Commerzbank.

The magazine cited no sources. It said that the minister held exploratory talks with the chairman of UBS, Axel Weber. Weber was previously a Bundesbank chief. Their meetings were said to be primarily about the sale of 17% share in Germany's second-largest moneylender.

The finance ministry refused to verify if Schaeuble spoke to Weber regarding the matter.

"It was always the goal of the government to limit to as short a time as possible the stabilisation measures introduced as a result of the financial crisis," stated a ministry spokesman."However, we do not know when the remaining shares of Commerzbank held by (German bank rescue fund) Soffin will be sold."

Commerzbank and UBS both declined to give a remark on the published report.

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