Commerzbank has completed the integration of Deutsche Schiffsbank and has in connection with the merger been authorised to issue public sector and ship Pfandbriefe.

The merger with Deutsche Schiffsbank is effective as of Tuesday, with Commerzbank its “universal successor”, according to a statement.

Commerzbank has also been authorised by BaFin, the German Federal Financial Supervisory Authority, to issue public sector and ship Pfandbriefe as of the effectiveness of the merger.

“This authorisation lays the foundation for Commerzbank to continue the issuing activity of Deutsche Schiffsbank AG,” said Commerzbank. “In the future Commerzbank can issue Ship Pfandbriefe and Public Sector Pfandbriefe so as to further utilise the possibilities offered by secured funding.”

Commerzbank is also separately working on establishing a cover pool for issuance of mortgage Pfandbriefe, having in the past referred to issuance of covered bonds as of the end of 2013. (Click here for previous coverage.)