March 17 (UPI) -- Deutsche Bank confirmed Sunday that is engaged in talks with Commerzbank for a merger that would bring together two of Germany's largest banks.
Deutsche Bank CEO Christian Sewing announced the decision to the public on Sunday, acknowledging months of rumors regarding a potential merger, but not assuring a deal would take place.
"You may recall that last September I said that, first and foremost, we intend to do our homework. In this regard, we have made a lot of progress over the last couple of months. This is something we can be proud of and that we can build on," Sewing said in a public letter to the bank's employees.
Sewing said the bank is focused on improving its growth profile and profitability as well as consolidating the German and European banking sector.
"Our stated aim remains to be a global bank with a strong capital markets business -- based on a leading position in our home market in Germany and in Europe, and with a global network," he said.
Sewing added it is important that the bank "only pursue options that make economic sense, building on the progress we made in 2018" and "there is no certainty that any transaction will occur."