Deutsche Bank Shelves Merger Plans

Deutsche Bank, Germany's biggest bank, has shelved its plans for now to increase its market position by merging with a rival, the fortnightly magazine Capital reported in its latest edition in an article released Wednesday. Deutsche Bank chairman Josef Ackermann had informed the supervisory board of the decision at a meeting on Oct. 28, the magazine said without revealing its sources. Instead, Ackermann would focus over the next two years on cutting costs and increasing the value of the bank, the magazine said. (AFP)