Generali, the Italian insurer and Comerzbank's second largest shareholder, denied that it was putting its stake in the bank up for sale when it said it welcomed "any proposal aimed at improving Commerzbank's competitiveness, regardless of who presents it".

A spokeswoman for insurer declined to comment on market rumours that Commerzbank was in talks with HypoVereinsbank, Germany's second largest bank. She also declined to comment on whether Generali would retain its stake in Commerzbank should it merge with another financial services group.