The Swiss bank may be eyeing European-wide consolidation, according to a report. In focus? Germany's second-largest institute. 

UBS is reportedly interested in buying parts of Commerzbank, Swiss weekly «NZZ am Sonntag» (behind paywall) reported. The Zurich-based bank has a strategy team elaborating different scenarios, according to a UBS insider.

Switzerland's largest bank is mainly interested in the German bank's private client business, which Commerzbank cannot reap enough profitability from. The ties between Commerzbank and the Swiss bank are obvious: UBS' head of Switzerland, Martin Blessing, ran the Frankfurt-based bank until 2016.

UBS didn't comment on the report. The list of suitors for Commerzbank, which is worth roughly 15 billion euros, reportedly includes UBS as well as French banks BNP Paribas and Crédit Agricole as well as Italy's Unicredit.