“Commerzbank is too small to be a global player, and too big to be a German player,” says one competitor with lesser ambition. International investors, the banker explains, want to deal either with a global player, which can offer expertise everywhere, or a purely German bank which is perceived to have more detailed knowledge of local equities.
Since Commerzbank’s takeover talks with London market-maker Smith New Court foundered in 1995, it has seemed unlikely that it will acquire a foreign house with a strong track record in equities.
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