May 16, 2019 / 10:28 AM / 4 months ago

German finance minister: Consolidation of German public sector banks still underway

Finance Minister Olaf Scholz addresses a news conference to present the results of the latest tax revenue estimate in Berlin, Germany, May 9, 2019. REUTERS/Fabrizio Bensc

BERLIN (Reuters) - German Finance Minister Olaf Scholz said on Thursday that the consolidation of Germany’s banks - a process triggered by the 2008 global financial crisis and low interest rates - would continue to affect public sector banks and saving banks.

“This consolidation process is still underway,” Scholz told an annual congress of Germany’s savings banks. “I fully expect you to see further changes in the coming years.”

He added that he still believed the country’s threefold banking system - made up of privately-held, public and cooperative banks - was the best solution.

Reporting by Tassilo Hummel; Editing by Michelle Martin

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