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Munich (pte060/28.01.2003/13:03) - The German HypoVereinsbank (HVB) http://www.hvbgroup.com that owns Bank Austria Creditanstalt (BA-CA) could soon merge with the German Commerzbank, according to a report in the weekly German news magazine Spiegel. The report says that HVB and Commerzbank have already agreed on the conditions of the merger that would be carried out by a share swap, which could mean that BA-CA finds itself under new ownership. The two German banks are expected to focus on private customers and medium-sized companies. The investment bank divisions of the two banks are also to be merged and radically restructured to serve the new customer base. The banks are also planning to sell non-core areas. Spokespersons from the two banks refused to comment on the report. Just two weeks ago HVB head Dieter Rampl had dismissed the idea that the HVB could merge with Commerzbank. Commerzbank head Klaus-Peter Mueller has said that his bank needs to be restructured and return to greater profitability.
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