Commerzbank must be fully privatised, but gov’t is not on a hurry, Lindner says

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By Maria Martinez

BERLIN (Reuters) – German state-backed lender Commerzbank must be fully privatised, but the government is in no hurry, German Finance Minister Christian Lindner told Reuters in an interview on Friday.

UniCredit has upset officials in Germany by becoming the biggest private investor in Commerzbank and preparing the ground to potentially become its single biggest shareholder, leapfrogging the Berlin government which owns 12%.

“The German government is convinced of Commerzbank’s strategy of independence and this is why we have no plans to sell further shares,” Lindner told Reuters in an interview on Friday on the sidelines of the International Monetary Fund and World Bank annual meetings.

Lindner said he hasn’t had any talks with UniCredit and it is not planning any discussions because that is a matter for Commerzbank’s management.

“Our businesses do not need protection by the government,” the finance minister said. “We want them to be strong by improving the framework conditions, so that they can make the decisions on their own: whether to merge or to stand alone.”