FRANKFURT (AFP) – UniCredit Chief Executive Officer Andrea Orcel openly acknowledged yesterday that he was in favour of a merger with Commerzbank, days after the Italian lender unexpectedly acquired a nine-per-cent stake in Germany’s second-biggest bank.
“It has been no secret for many years that we see potential in a merger,” Orcel said in an interview with financial daily Handelsblatt.
“For the moment, we are only a shareholder. But a merger of the two banks could lead to considerable added value for all stakeholders,” Orcel said.
UniCredit caught markets by surprise last week when it disclosed it had built up a nine-per-cent stake in Commerzbank, half of which it acquired from the German state. UniCredit paid around EUR1.4 billion (USD1.5 billion) for the acquisition. The announcement renewed speculation that the Milan-based bank was mulling a takeover of Commerzbank. UniCredit already owns German lender HypoVereinsbank.
The German government is still Commerzbank’s largest shareholder, with a remaining 12-per-cent stake. It recently said it aimed to sell down its stake, citing the bank’s improved economic situation.
Berlin had bailed out Commerzbank with billions of euros in 2009 after the global financial crisis pushed it to the brink of collapse.
Commerzbank has bounced back strongly since then, posting its best annual net profit for 15 years in 2023. It is aiming for even better results in 2024 despite expectations of lower interest rates.
