Deal would create one of Europe’s most valuable lenders and has no implications for Commerzbank investment, bank says
UniCredit makes €10bn offer for Italian competitor Banco BPM and has no implications for Commerzbank investment, bank says
Setting out the reasons for buying BPM, Mr Orcel said it would “broaden our geographic reach, expand our client base across both retail and corporate clients, and further grow our premium businesses”, adding that it would cement UniCredit’s status as Italy’s second-biggest bank.
Mr Orcel insisted that the BPM offer did not have any implications for its investment in Commerzbank. “The situation there is very different,” he said.Mr Orcel told analysts the Commerzbank stake was “an investment for now, we can sit on it for a while. It will remain there. It’s not diverting management, it’s not requiring from us anything ... we are hoping that our presence will prompt Commerzbank to unlock a lot of the value that we know they have, faster.
BPM shares climbed 5 per cent in early trading in Milan while UniCredit dropped 2.9 per cent. Commerzbank shares were down 6 per cent in Frankfurt.
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