(Bloomberg) -- Intesa Sanpaolo Chief Executive Officer Carlo Messina said a takeover of Commerzbank AG by UniCredit SpA could be good for shareholders.
A deal between the Italian lender and its German rival would lead to cost cuts because UniCredit already has substantial operations in the country, Messina said at Bloomberg’s Future of Finance event on Thursday.
UniCredit is the only bank in Germany along with the country’s largest, Deutsche Bank AG, “that can create value through an integration with Commerzbank,” Messina said.
UniCredit last month rapidly built up a 21% stake in Commerzbank, largely through derivatives. UniCredit’s Chief Executive Officer Andrea Orcel has said a full takeover is an option, potentially creating Germany’s largest lender.
The German government has said it opposes the potential deal, partly because it sees Commerzbank as an important source of funding for the domestic economy. Various labor unions have said they’re against it too.
--With assistance from Antonio Vanuzzo.
©2024 Bloomberg L.P.