November 13, 2018 / 10:12 AM / 6 months ago

German bank sector needs to consolidate - ECB

The skyline of the banking district is pictured in Frankfurt, October 21, 2014. The European Central Bank will release the results of Europe's most comprehensive review of its banks' health on October 26. The outcome will give the clearest picture yet on the state of the European banking sector, which was pummeled during the financial crisis. Picture was taken October 21, 2014. REUTERS/Ralph Orlowski (GERMANY - Tags: CITYSCAPE BUSINESS)

FRANKFURT (Reuters) - Germany has too many banks and there is a strong case for domestic mergers, European Central Bank supervisor Sabine Lautenschlaeger said on Tuesday.

“We have many banks in Germany and, for sure, discussions about consolidation in Germany are a positive, a very positive idea,” Lautenschlaeger told a conference. “In Germany the synergies within the country are pretty high.”

Reporting by Balazs Koranyi; Editing by Robin Pomeroy

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