(Bloomberg) -- Deutsche Bank AG hired Citigroup Inc to advise on its possible combination with Commerzbank AG, according to people familiar with the matter.
Citigroup has received a formal mandate to advise Germany’s largest bank on the deal with its closest rival, the people said, asking not to be identified discussing private information. Deutsche Bank is also working with the law firm Freshfields, they said.
Rothschild & Co. and Goldman Sachs Group Inc. are advising Commerzbank, Bloomberg reported on Monday after the two banks officially announced merger talks over the weekend.
Deutsche Bank is also getting informal advice from Tadhg Flood, its former global co-head of the financial institutions group who joined Centerview Partners last year, the people said.
Deutsche Bank, Citigroup and Freshfields declined to comment. Reuters and Financial Times previously reported some of the advisory roles.
The two banks confirmed the move to deeper discussions in statements on Sunday, capping months of speculation and behind-the-scenes talks with the Finance Ministry. Both firms have struggled to restore revenue growth after deep cuts to their investment banking units -- a task made more difficult by a sluggish economy that has pushed back expected interest rate rises.
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