Commerzbank, a private lender based in Germany, announced on Tuesday that it is setting up a new division devoted to wealthy clients and businesses. The creation of a division for ultra-high-net-worth individuals (UHNWI) and family offices (FO) highlights the bank's growth ambitions in this dynamic market segment with the introduction of a new management level,

Commerzbank and UniCredit did not discuss a merger at a recent meeting, the German lender's CEO Bettina Orlopp told a local newspaper, saying any tie-up with its Italian peer would result in the loss of customers.

A growing number of German experts are voicing support for a possible acquisition of Commerzbank AG by a rival, potentially adding pressure on the government to soften its stance in response to a recent approach from UniCredit SpA.