German bank sector needs to consolidate: ECB
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FILE PHOTO - European Central Bank (ECB) executive board member Sabine Lautenschlaeger attends at a news conference at the ECB in Frankfurt October 26, 2014. REUTERS/Ralph Orlowski
FRANKFURT (Reuters) - Germany has too many banks and there is a strong case for domestic mergers, European Central Bank supervisor Sabine Lautenschlaeger said on Tuesday.
"We have many banks in Germany and, for sure, discussions about consolidation in Germany are a positive, a very positive idea," Lautenschlaeger told a conference. "In Germany the synergies within the country are pretty high."
(Reporting by Balazs Koranyi; Editing by Robin Pomeroy)
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