The World Jewish Congress (WJC) is unlikely to oppose the proposed merger between Germany's Deutsche Bank and Banker's trust, a senior congress official said yesterday.
WJC general secretary Mr Israel Singer said that negotiations on compensation for Nazi-era victims of slave labour with German industry officials, including the president of Deutsche Bank, were "very constructive" and were "on the right track."
"If things continue ... the way they are presently going, we will have found a road to reconciliation," Mr Singer said.
The WJC had initially said it opposed the merger because of questions left unsettled about the firm's activities during the Holocaust.
Such an objection would have weighed heavily on the decision of US regulators who must approve the mammoth $10.1 billion (€8.96 billion) merger.
However, Mr Singer said the WJC would report to New York City Comptroller Mr Allan Hevesi that the discussions were constructive and went a long way toward establishing "moral, historic and material closure" for Holocaust victims.
Mr Hevesi has the power to prevent the new corporation from doing business in New York, which would be fatal to the firm which would be the world's largest banking firm.
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