JEKYLL & HYDE. Commerzbank (CBKG.DE) and ABN Amro (ABNd.AS) are both mid-sized European lenders suffering from high costs and low rates. Yet their trajectories couldn’t be more different. The 8 billion euro German group seems to be improving rapidly, with revenue rising by 35% year-on-year in the first quarter thanks to roaring capital markets. Shares rose 7% on Wednesday. But its ultimate destination is a sale: analysts reckon the lender will generate a meagre 2.5% return on tangible equity in 2022, a product of Germany’s cut-throat lending market. An eventual merger with Deutsche Bank (DBKGn.DE) seems unavoidable. ABN, on the other hand, has no such option. Shares in the 10 billion euro Dutch bank fell 7% on Wednesday after it revealed a 4% year-on-year revenue slump. Analysts are pencilling in a 5% return on equity next year. Antitrust authorities would probably block any attempt to raise that through a merger with local rival ING (INGA.AS), given the country’s concentrated banking market. Unlike Commerz, ABN will have to limp on alone. (By Liam Proud) On Twitter http://twitter.com/breakingviews Earlier in Capital Calls: Leaner should mean better at UniCredit read more TaylorMade deal is par for the course read more Japan’s one-woman show flops read more Roblox sees Covid recovery flip side read more AstraZeneca’s pay bung tarnishes its charity read more