BERLIN UniCredit is looking at the acquisition of assets within Germany to support its plans by the second-largest bank in Italy to transform into a fully developed European bank, its Chief Executive Andrea Orcel told German daily Handelsblatt on Tuesday.
“A significant increase in our market share in Germany would be good for Unicredit (BIT: CRDI) as a whole,” the CEO said in the paper. He also said that acquisitions or mergers may help accelerate growth and provide value when they are done in the right conditions.
Related: UniCredit plans a buyback after a profit surprise.
Discussions between the CEO officer of Commerzbank (ETR: CBKG) regarding the possibility of a tie-up were reported in May weren’t much advanced prior to being put on hold because of the Ukraine war, the newspaper reported Orcel as declaring.
“There was no closer communication on this,” the banker answered when asked about the discussions about the talks with no. 2 German lender after Deutsche Bank (ETR:DBKGn).
