Exclusive-UniCredit CEO approaches Commerzbank to explore merger talks, source says

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September 11, 2024 7:53 AM EDT

FILE PHOTO: A statue is seen next to the headquarters of Commerzbank one day ahead of the bank's rejoinment to Germany's share price index DAX in Frankfurt, Germany, February 26, 2023. REUTERS/Kai Pfaffenbach/File Photo

FRANKFURT (Reuters) - UniCredit CEO Andrea Orcel approached German lender Commerzbank's management earlier on Wednesday inviting the bank to explore merger talks, a source with knowledge of the matter told Reuters.

Italy's UniCredit announced on Wednesday it had bought a 9% stake in Commerzbank.

UniCredit's approach is the strongest indication yet that the Italian lender wants to buy Commerzbank.

A spokesperson for Commerzbank, which said it was holding a board meeting later on Wednesday to discuss UniCredit, neither confirmed not denied an approach had been made. UniCredit was not immediately available to comment.

(Reporting by John O'Donnell; Writing by Tommy Reggiori Wilkes; Editing by Elisa Martinuzzi)


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