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Home > Finance > UniCredit CEO says Commerzbank stake, BPM bid tests for Europe's future

Finance

UniCredit CEO says Commerzbank stake, BPM bid tests for Europe's future

Published by Global Banking and Finance Review

Posted on December 20, 2024

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MILAN (Reuters) - UniCredit's CEO Andrea Orcel said his bank's investment in German rival Commerzbank and its bid for smaller domestic peer Banco BPM will test the euro zone's commitment towards greater integration, which is necessary to avoid an economic decline.

In an opinion piece published in the Financial Times on Friday, Orcel said that "while these decisions are taken in the interest of our stakeholders, they also put broader EU convergence and the future of the single market on the table."

UniCredit has built a 28% potential stake in Commerzbank and launched a buyout proposal for Banco BPM in Italy, meeting strong resistance on both fronts.

(Reporting by Valentina Za, editing by Alvise Armellini)

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