UniCredit CEO Maintains Commitment to Commerzbank Investment Amid German Pressure

UniCredit CEO Andrea Orcel has stated that the Italian bank will continue its investment plans in Commerzbank, despite opposition from the German government. The German Finance Minister, Lars Klingbeil, publicly advised UniCredit to abandon its ambitions, labeling the takeover plans as 'unfriendly' and in favor of Commerzbank's independence. Orcel contested this stance, emphasizing UniCredit's intention to pursue the full equity position in Commerzbank, having recently doubled its shareholding through derivatives. The investment move has secured approval from the European Central Bank to own up to 29.9% of Commerzbank. Meanwhile, UniCredit faces hurdles at home regarding its bid for Banco BPM due to conditions imposed by the Italian government, awaiting a court decision that could impact the acquisition strategy.