FILE PHOTO: German Finance Minister Olaf Scholz attends a Reuters interview in Berlin, Germany, April 10, 2019. REUTERS/Hannibal Hanschke/File Photo

BERLIN (Reuters) - German Finance Minister Olaf Scholz said on Thursday that German industry needed competitive banks for its global business after merger talks between Deutsche Bank and Commerzbank ended in failure.

Scholz said the two banks had discussed closer cooperation, but added: “Such cooperation only makes sense if it pays off in business terms and moves towards a resilient business model.”