(Bloomberg) -- UniCredit SpA said a takeover of Commerzbank AG wouldn’t result in client attrition, pushing back against a key argument put forward by opponents of the potential deal.
The Italian bank’s existing operations in Germany are “highly complementary” with Commerzbank and a combination would pose “low risks of concentration,” it said in a third-quarter earnings presentation on Wednesday. The transaction could also result in better service levels, it said.
UniCredit reiterated on Wednesday it’s considering a takeover of Commerzbank after building a large stake in the German lender. The Italian bank may also end up deciding to sell the holding if it can make a profit on it, it said.
Commerzbank Chief Executive Officer Bettina Orlopp has indicated she’s skeptical the deal would be beneficial to investors, citing potential client loss due to overlapping operations as one key argument.
A combination with UniCredit would create “clear overlap among our Mittelstand and large clients,” Orlopp said Wednesday on an earnings call with journalists. “That would simply have consequences” such as revenue loss, she said.
(Updates with Commerzbank CEO comment in final paragraph.)
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