ING Groep has dropped its intention to negotiate a merger with the German Commerzbank, says Business Handelsblatt. The Dutch bank's management made the decision a month and a half ago.
Earlier this month, director Ralph Hammers said publicly that he had a "limited" logic of cross-border bank mergers in the European Union, at least until the current rules were in place and the Banking Union plan was not fully adopted.
ING is the largest commercial bank in the Benelux and the third largest in Germany, after Deutsche Bank and Commerzbank.
In addition to ING and Deutsche Bank, the public interest in Commerzbank months ago was also expressed by Italian UniCredit.