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Headline: Co-op banks’ shotgun wedding Source: Euromoney Date: April 2001 Author: Anja Helk Last month’s announcement of a merger between DG Bank and GZ Bank was a long awaited step in the consolidation of the top level of Germany’s cooperative banking sector. DG, GZ and WGZ act as regional central banks for 1,966 local cooperative banks, the Volks- und Raiffeisenbanken – a job that could be as well be accomplished by one top institution. But when the three banks started merger talks in February, it was the need to restructure the troubled DG Bank, rather than an urge to enhance efficiency in the sector, that provided the impetus. |
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