HVB's border-crossing link with UniCredito has given new life to the merger dreams of German bankers. But private-public banking mergers within Germany – the prize coveted by the big private banks – are further out of reach than ever.

The head of Post, the state-controlled postal and logistics company, has rejected an offer from Deutsche Bank to purchase Postbank, its large retail bank. His decision was endorsed by the federal finance ministry, which last year took a neutral stance on a possible sale.