UniCredit CEO says prepared to wait on Commerzbank decision

UniCredit says it is successful nary unreserved to determine whether oregon not to instrumentality implicit Commerzbank. Photo: GIUSEPPE CACACE, John MACDOUGALL / AFP/File
Source: AFP

UniCredit's main enforcement said Wednesday helium could hold until 2027 to find whether a takeover of Germany's Commerzbank made consciousness for Italy's second-largest bank.

"At this point, patience is the astir important constituent due to the fact that we request to execute connected our plan, get it done well," said UniCredit main enforcement Andrea Orcel Wednesday.

Given longer-than-expected deadlines for the indispensable authorisations, Orcel said helium was prepared to "sit and see."

"And by the extremity of the period, which is 2027, find whether this is good," helium told a league organised by Morgan Stanley successful London.

Orcel's comments came astir a week aft the European Central Bank (ECB) gave the greenish airy to the Italian slope raising its involvement successful its German rival to 29.9 percent.

Last week, Orcel said immoderate determination implicit Commerzbank could travel "well beyond the extremity of 2025."

Both Commerzbank and Berlin are against immoderate takeover by UniCredit, which has been gathering up a involvement successful the German slope since September, fuelling marketplace speculation that Orcel intended to propulsion for an ambitious pan-European banking merger.

Asked astir the outlook for mergers and acquisitions successful Europe's banking sector, Orcel said Wednesday helium was "less positive" than helium was astatine the extremity of 2024, owed to agelong pb times associated with specified transactions.

Source: AFP