It took Bayerische Vereinsbank’s chief executive Albrecht Schmidt an age to gain the politicians’ approval for a major bank merger. It eventually turned out to be with Bayerische Hypo-Bank. Part of the time was also taken up with concocting a plausible strategy for the merged bank – which would be the second-largest in Europe, persuading his arch-rival of the benefits and finally devising a way to avoid punitive capital-gains taxation on the deal.
Schmidt had been watching the situation carefully, but it was Deutsche Bank that made the first overt move when in July 1996 it revealed that it had built up a stake of over 5% in Vereinsbank.
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