Commerzbank move is a test for Europe – Orcel – Business – Ansa.it

UniCredit’s move on Commerzbank is a
“test for Europe”, the CEO of Italy’s second-largest bank Andrea
Orcel told the Bank of America CEO conference on Wednesday.

   
Orcel explained that “there isn’t an offer, it’s an investment
and nothing else.

   
“We can maintain, increase or sell the stake”, noted the CEO
after the Italian lender on Monday said it was preparing to
increase its stake in Commerzbank to 21%, prompting German
Chancellor Olaf Scholz to slam the move as “an unfriendly
attack”.

   
“We will not ask for spots on Commerzbank’s board”, Orcel told
investors, explaining that, “we are an investor and usually I
don’t think investors have a place within the board”.

   
“In this specific case, I don’t think it is appropriate for us
to sit on the board because we are a competitor”, he added.

   
Commerzbank supervisory board members on Tuesday expressed
opposition to any takeover of the German bank by UniCredit.

   
UniCredit on Monday announced that it had entered into financial
instruments enabling it to increase its stake in Commerzbank to
21% of the capital.

   
The Italian lender said it has requested the European Central
Bank for authorization to raise its stake beyond 10% of the
capital to reach a holding of up to 29.9% in the German bank.

   
UniCredit said in a note that it had acquired through financial
instruments an additional 11.5% of Commerzbank explaining that
“the physical settlement under the new financial instruments may
only occur after the required approvals have been obtained”.

   
In addition to the initial 9%, UniCredit’s position now totals
around 21%, the lender said.

   

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