German Finance Minister and Vice-Chancellor Olaf Scholz addresses the second day of French employers' association Medef's summer meeting in Jouy-en-Josas on August 29, 2018. / AFP / ERIC PIERMONT
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German Foreign Minister Olaf Scholz Thursday said it was "a problem" that the country's big banks had fallen behind their rivals on the global stage, depriving Germany's export-oriented companies of strong local lending partners.Deutsche now has a market capitalization of just under 21 billion euros ($24.5 billion), even after raising some 27 billion euros in new shares between 2010 and 2017 through several capital increases to shore up its balance sheet and invest in growth.Commerzbank, which had to be rescued by the German state in the wake of the 2008 crisis and has raised 13 billion euros since then in new share issues, today has a market capitalization of some 10 billion euros.Commerzbank meanwhile is tipped to be axed from Frankfurt's DAX 30 after a three-decade presence on the blue-chip index.
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