November 13, 2018 / 10:01 AM / 9 months ago

German bank sector needs to consolidate: ECB

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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