August 21, 2019 / 1:37 PM / a month ago

Commerzbank mulls branch closures as part of broader strategy review

FILE PHOTO: A Commerzbank logo is pictured before the bank's annual news conference in Frankfurt, Germany, February 9, 2017. REUTERS/Ralph Orlowski

FRANKFURT (Reuters) - German lender Commerzbank (CBKG.DE) is considering closing some bank branches as it figures out a way forward after its talks to merge with rival Deutsche Bank (DBKGn.DE) collapsed earlier this year, people familiar with the matter said on Wednesday.

The Frankfurt-based bank, which has maintained a broad network of branches as competitors retrenched to rely more on internet banking, is studying the closure of at least 100 or 200 of its 1,000 branches, the people said.

The Frankfurt-based bank is weighing the closures as part of a broader strategy review. The results are expected by October at the latest.

Commerzbank declined to comment.

Handelsblatt first reported the news.

Reporting by Patricia Uhlig and Tom Sims; Editing by Michelle Martin

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