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Deutsche Bank shares surge on report Germany plans to fix bank's problems with merger

Key Points
  • The German government is reportedly planning a push for a merger between Deutsche Bank and Commerzbank.
  • Bloomberg News, citing sources, said Germany may change its tax law to aid the merger.
  • Deutsche Bank shares jump as much as 9 percent on the news.
A general meeting of Deutsche Bank
Arne Dedert | picture alliance | Getty Images

Shares of Deutsche Bank surged Wednesday after Bloomberg News reported the German government plans to push for a merger to save the struggling bank.

The lender's stock rose as much as 9 percent and was last up 4.8 percent.

Bloomberg, citing people familiar with the matter, reported Germany plans on working on a merger between Deutsche Bank and Commerzbank. The report also said the government could look to change its tax law to help the merger go through.

Deutsche Bank has had a tumultuous 2018, with its shares falling more than 53 percent as it failed to revive revenue growth.

A spokesman at Deutsche Bank declined to comment. A spokesman at Commerzbank also declined to comment.

Click here to read the Bloomberg News report.