FRANKFURT, April 16 (Reuters) – ING Groep has approached Commerzbank about a possible tie-up, a German magazine reported on Tuesday.

Manager Magazin, citing unnamed sources, said ING made the approach to the German government, which owns a stake in the German lender, and to Commerzbank Chief Executive Martin Zielke. But Zielke declined to engage in formal talks, the report said.

The banks declined to comment. (Reporting by Tom Sims in Frankfurt and Antony Deutsch in Amsterdam; editing by David Evans)

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