Germany talked to UBS about major bank sale: Report

German Finance Minister Wolfgang Schaeuble (AP Photo/Michael Sohn, Pool)
Michael Sohn
German Finance Minister Wolfgang Schaeuble (AP Photo/Michael Sohn, Pool)

Germany met with Swiss Bank UBS to discuss selling the government's stake in Commerzbank, Germany's second-largest lender, a magazine reported on Saturday.

Germany's finance minister Wolfgang Schaeuble spoke to UBS Chairman Axel Weber, German magazine Focus said without citing any sources. Weber is the former head of the Bundesbank, Germany's central bank.

Commerzbank and UBS have declined to comment on the report, while Germany's finance ministry told Focus: "It was always the goal of the federal government to limit the stabilization measures granted in the wake of the financial crisis as closely as possible in time."

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Germany bailed out Commerzbank during the global financial crisis, buying a 25 percent stake in the lender. In May, Commerzbank raised 2.5 billion euros via a share sale to partly pay back the government. But the country's bailout fund Soffin still owns a 17 percent stake in the lender.

Commerzbank's credit rating was downgraded earlier this year by both Standard and Poor's and Moody's. The bank has been trying to return to profitability and improve it score tier-one ratio by cutting jobs and restructuring businesses.

(Read More: Commerzbank to shed more than 5,000 jobs: Source)

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