Unicredit, Commerzbank merger would add value for all stakeholders, Orcel tells Handelsblatt

BERLIN: A merger of Italy’s Unicredit and Germany’s Commerzbank would add value for all stakeholders and create a much stronger competitor in the German banking market, Unicredit CEO Andrea Orcel told Handelsblatt in an interview published on Monday.

“For the moment, we are only a shareholder,” he said.

“But a merger of the two banks could lead to considerable added value for all stakeholders and would create a much stronger competitor on the German banking market.”

Italy’s second-largest bank swooped to take a 9% stake in Commerzbank last week, catching German authorities off guard and getting a hostile reception from local management, who want to fend it off.

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Asked when Unicredit would hold further talks with Commerzbank, Orcel told Handelsblatt said there was no firm timeline.

If “we come to the conclusion that a merger is best for both of us, that would be great, but as a major shareholder I must first ensure that our investment develops well,” he said.