World News

Deutsche Bank to sponsor Eintracht Frankfurt soccer team – sources

FRANKFURT (Reuters) – Deutsche Bank <DBKGn.DE> is set to ink a sponsorship deal with its local soccer team Eintracht Frankfurt, two people with knowledge of the matter said on Tuesday.

The deal, which could be announced as soon as Wednesday, would be a blow to Commerzbank <CBKG.DE>, the team’s current long-time sponsor and a top Deutsche Bank competitor.

Commerzbank’s name and logo have graced Eintracht’s home stadium for more than a decade.

The Frankfurt-based banks, Eintracht and a spokesman for the Commerzbank Arena declined to comment.

Deutsche Bank and Commerzbank last year ditched talks to merge. Deutsche, in the midst of a strategic overhaul and years of losses, has reduced its global footprint to focus more on its home market.

The talks had been reported by Reuters earlier this month and were confirmed by Deutsche Bank chief executive officer, a fan of Eintracht rival Munich, in an interview with a German newspaper.

The magazine Kicker first reported that an announcement was close.

(Reporting by Patricia Uhlig; Writing by Tom Sims; Editing by Thomas Seythal and Andrew Cawthorne)