Proud For Profits
  • Investing
  • Stock
  • Latest News
  • Economy
  • Investing
  • Stock
  • Latest News
  • Economy
No Result
View All Result
Proud For Profits
No Result
View All Result
Home Stock

UniCredit, Commerzbank merger could add shareholder value, Orcel tells paper

by
September 16, 2024
in Stock
0
UniCredit, Commerzbank merger could add shareholder value, Orcel tells paper

BERLIN (Reuters) -A merger of UniCredit and Commerzbank (ETR:CBKG) could add value for all stakeholders and create a stronger bank, UniCredit CEO Andrea Orcel told a German newspaper on Monday, adding a decision was in the hands of Commerzbank stakeholders.

Italy’s second-largest bank took a 9% stake in Commerzbank last week, catching German authorities off guard and getting a hostile reception from local management, who want to fend it off.

The Italian banking chief said a merger with the smaller Commerzbank could “create a much stronger competitor on the German banking market”, better supporting retail customers and German medium-sized companies, known as the Mittelstand, that play an important role in the economy.

“For the moment, we are only a shareholder. But a merger of the two banks could lead to considerable added value for all stakeholders,” he told the Handelsblatt newspaper.

“There are very few overlaps” between the banks, he said.

Now he has laid out the case, Orcel said it was up to Commerzbank to decide.

“The decision lies with Commerzbank’s stakeholders,” he said.

Commerzbank declined to comment.

Asked when UniCredit would hold further talks with Commerzbank, Orcel told Handelsblatt that there was no firm timeline.

If “we come to the conclusion that a merger is best for both of us, that would be great, but … as a major shareholder I must first ensure that our investment develops well,” he said.

In an apparent effort to reassure Commerzbank employees worried about their jobs, Orcel said the potential for savings was in central functions, and not in areas of customer business, products, or the geographical network.

“I believe that many banks have neglected to make their central functions more efficient,” he said.

This post appeared first on investing.com
Previous Post

Taiwan stocks higher at close of trade; Taiwan Weighted up 0.49%

Next Post

Australia stocks higher at close of trade; S&P/ASX 200 up 0.27%

Next Post
Australia stocks higher at close of trade; S&P/ASX 200 up 0.27%

Australia stocks higher at close of trade; S&P/ASX 200 up 0.27%

Enter Your Information Below To Receive Trading Ideas and Latest News

    Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

    Popular News

    Nearly all of DC shut down for Trump’s inauguration. So why was there no designated survivor?

    Nearly all of DC shut down for Trump’s inauguration. So why was there no designated survivor?

    January 22, 2025
    Trump’s FBI overhaul begins as Acting Director Brian Driscoll puts ‘untouchable’ feds on notice: former agent

    Trump’s FBI overhaul begins as Acting Director Brian Driscoll puts ‘untouchable’ feds on notice: former agent

    January 22, 2025
    5 Top Canadian Oil and Gas Dividend Stocks in 2025

    5 Top Canadian Oil and Gas Dividend Stocks in 2025

    January 22, 2025
    Track all markets on TradingView

    About Proud For Profits

    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Main Categories

    • Investing
    • Stock
    • Latest News
    • Economy

    Latest News

    • Nearly all of DC shut down for Trump’s inauguration. So why was there no designated survivor?
    • Trump’s FBI overhaul begins as Acting Director Brian Driscoll puts ‘untouchable’ feds on notice: former agent
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Copyright © 2025 proudforprofits.com | All Rights Reserved

    No Result
    View All Result
    • Investing
    • Stock
    • Latest News
    • Economy

    Copyright © 2025 proudforprofits.com | All Rights Reserved