BERLIN (Reuters) -A merger of Italy’s Unicredit (BIT:) and Germany’s Commerzbank (ETR:) 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.
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.