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Commerzbank tipped to take over Norisbank

Germany's second largest listed bank Commerzbank has been named as the prime candidate in the bid to buy the German retail bank business Norisbank, Reuters has reported.

The news service reported that Commerzbank is close to securing a deal, valued at around E400 million, to buy 98 DZ Bank’s Norisbank branches.

German co-operative bank DZ Bank, which owns 90% of Norisbank, is divesting these branches and its 350,000 retail customers.

The Financial Times reported that the sale of Norisbank underlines the growing interest from private banks in expanding their market share of the fragmented German retail bank sector.

Commerzbank is thought to leading the bidding ahead of groups including Citigroup. A decision over the deal is expected to come in the next week.