Fondazione Cariverona, a major Italian shareholder in UniCredit , confirmed its support for the bank's management in regards to Commerzbank , its chairman said on Monday.
German state-backed lender Commerzbank must be fully privatised, but the government is in no hurry, German Finance Minister Christian Lindner told Reuters in an interview on Friday.
Commerzbank CEO Bettina Orlopp said on Friday that the lender was focusing on its standalone strategy, reiterating her stance as Italy's UniCredit expresses interest in a possible tie-up.
UniCredit has further hedged potential downside risks on its stake in rival Commerzbank by signing financial derivative contracts with Jefferies to keep its options open, a person close to the matter said.
Commerzbank is considering its own acquisitions, for example in the area of asset management, its CEO Bettina Orlopp told German business news outlet WirtschaftsWoche in an interview published on Friday.
German trade union Verdi would oppose a cross-border merger for Commerzbank even if the bidder was not an Italian bank like UniCredit , an official said on Saturday.
Germany is working to frustrate a possible takeover of one of its biggest banks by an Italian rival, a stance that pits Berlin against Rome and Europe's regulators, several people familiar with government and regulators' thinking told Reuters.
Commerzbank and UniCredit did not discuss a merger at a recent meeting, the German lender's CEO Bettina Orlopp told a local newspaper, saying any tie-up with its Italian peer would result in the loss of customers.
Cost cuts at Commerzbank if UniCredit were to buy its German rival would mostly affect its head office not its branch network, UniCredit CEO Andrea Orcel was quoted as saying on Friday.
Intesa Sanpaolo Chief Executive Carlo Messina said on Thursday Unicredit can create value through a merger with Commerzbank , as the Italian rival bank already runs a large banking business in Germany.
Moody's would consider hiking UniCredit's credit rating one notch above Italy's sovereign rating if it bought Commerzbank, depending on a number of factors including an ability to contain execution and operational risks, the ratings agency said.
Commerzbank's Chief Executive Officer said on Tuesday that the Italian bank UniCredit "might want more" of Commerzbank and that "this wasn't something we chose".