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Business

HVB Begins Search for Merger Partners

HypoVereinsbank Group (HVB), Germany's second-largest bank, announced on Monday that it is in talks with other financial-services companies about possible mergers to keep up with competition as it expects consolidation in the German banking industry to accelerate. Munich-based HVB is "observing the market, evaluating potential possibilities and leading talks with other participants in the financial services industry,'' a statement on the company's website read. German banks will step up mergers, cooperations or joint ventures this year with the blessing of the German government, HVB said. Foreign competitors especially from Europe or the U.S. may play a role, the bank's statement added.