American Marconi Wireless News - UniCredit CEO says prepared to wait on Commerzbank decision

NYSE - LSE

BTI	1.28%	61.83	$
NGG	1.24%	84.65	$
BP	0.7%	45.62	$
BCC	-0.3%	67.72	$
CMSC	-0.52%	19.37	$
JRI	-0.85%	11.33	$
GSK	0.85%	50.62	$
BCE	1.11%	21.59	$
AZN	0.38%	185.08	$
RIO	-0.17%	83.14	$
RYCEF	3.73%	17.98	$
RBGPF	0%	76.02	$
CMSD	-0.67%	19.38	$
VOD	-0.78%	15.37	$
RELX	1.38%	40.6	$

UniCredit CEO says prepared to wait on Commerzbank decision / Photo: GIUSEPPE CACACE, John MACDOUGALL - AFP/File

UniCredit CEO says prepared to wait on Commerzbank decision

ECONOMY 19.03.2025

UniCredit's chief executive said Wednesday he could wait until 2027 to determine whether a takeover of Germany's Commerzbank made sense for Italy's second-largest bank.

Text size:

"At this point, patience is the most important point because we need to execute on our plan, get it done well," said UniCredit chief executive Andrea Orcel Wednesday.

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

"And by the end of the period, which is 2027, determine whether this is good," he told a conference organised by Morgan Stanley in London.

Orcel's comments came nearly a week after the European Central Bank (ECB) gave the green light to the Italian bank raising its stake in its German rival to 29.9 percent.

Last week, Orcel said any decision over Commerzbank could come "well beyond the end of 2025."

Both Commerzbank and Berlin are against any takeover by UniCredit, which has been building up a stake in the German bank since September, fuelling market speculation that Orcel intended to push for an ambitious pan-European banking merger.

Asked about the outlook for mergers and acquisitions in Europe's banking sector, Orcel said Wednesday he was "less positive" than he was at the end of 2024, due to long lead times associated with such transactions.

D.Moore--AMWN

American Marconi Wireless News - UniCredit CEO says prepared to wait on Commerzbank decision

UniCredit CEO says prepared to wait on Commerzbank decision

Featured

Turkish Airlines Launches Fourth Mainland China Route to Chengdu

SMX Puts American Innovation to Work in the New Era of Artificial Intelligence

MARS Energy Group Adds Jigar Shah to Advisory Board to Accelerate Battery Storage Growth

SMX Brings American Ingenuity to the Next Frontier of Artificial Intelligence