FRANKFURT (1) – Deutsche Bank (DBKGn.DE) is about to ink a sponsorship cope with its native soccer team Eintracht Frankfurt, two folks with information of the matter mentioned on Tuesday.
The deal, which might be introduced as quickly as Wednesday, could be a blow to Commerzbank (CBKG.DE), the team’s present lengthy-time sponsor and a prime Deutsche Bank competitor.
Commerzbank’s identify and brand have graced Eintracht’s residence stadium for greater than a decade.
The Frankfurt-based banks, Eintracht and a spokesman for the Commerzbank Enviornment declined to remark.
Deutsche Bank and Commerzbank final yr ditched talks to merge. Deutsche, within the midst of a strategic overhaul and years of losses, has diminished its world footprint to focus extra on its residence market.
The talks had been reported by 1 earlier this month and have been confirmed by Deutsche Bank chief government officer, a fan of Eintracht rival Munich, in an interview with a German newspaper.
The journal Kicker first reported that an announcement was shut.
Reporting by Patricia Uhlig; Writing by Tom Sims; Enhancing by Thomas Seythal and Andrew Cawthorne