(Reuters) – UBS Group AG <UBSG.S> and Deutsche Bank AG <DBKGn.DE> held talks on combining their businesses earlier this year, including discussions in mid-June on the banking investment alliance, the Wall Street Journal reported Sunday.
An agreement could not be reached because the two lenders were unable to resolve issues, including structuring and allocation of capital, the newspaper said, citing people familiar with the talks.
Reuters reported in May that discussions were under way between the two banks to tie their asset management businesses over differences over who would control the combined entity.
Deutsche Bank declined to comment WSJ report. UBS did not respond to an emergency comment request Sunday.
(Reporting by Kaniska Singh in Bengaluru, Silke Koltrowitz in Zurich and Chris Stitz in Frankfurt; editing by asoney Neil)