The report comes amid speculation that the German government could sell its roughly 15 per cent stake in the bank.

The chief executive of Credit Agricole, Philippe Brassac, has reportedly said a tie-up with Commerzbank would not be off the cards – if the German lender were to be up for sale.

The French bank’s head was quoted in the Handelsblatt newspaper as having said that he would like Credit Agricole to grow deeper roots in Germany, as it has in Italy. 

Although the firm’s strategy says that it will focus on organic growth over the next two years, “this doesn’t mean that we wouldn’t take a look at interesting possibilities,” Brassac said. “If such a big institute like Commerzbank were really to be on the market, we would surely have to analyse it as one of the significant institutes in the euro zone.”

There are talks that the German government may move to sell its approximately 15 per cent stake in Commerzbank, making the bank a potential takeover target.