Commerzbank’s management has warned the German government that a potential multi billion euro merger with Italy’s second-largest bank UniCredit is a threat to businesses that make up the backbone of Europe’s biggest economy, the Financial Times reported on Monday.
Earlier this month, UniCredit took a 9 per cent stake in Commerzbank, catching German authorities off guard. The Italian takeover interest has prompted a backlash.
UniCredit told the FT that these arguments misrepresented the group’s inner workings, adding that it is a “pan-European” bank with “full self-standing legal entities” in all markets.
The German government could not immediately be reached for comment while UniCredit and Commerzbank did not immediately respond to requests for comment.