UniCredit has stepped up preparations for a potential bid for Germany's Com...
FRANKFURT/LONDON - UniCredit has stepped up preparations for a potential bid for Germany’s Commerzbank by drafting in investment bankers including a former top German official, three people familiar with the matter said.
UniCredit said in statement responding to the Reuters report that it wanted to clarify that no banking mandate had been signed in relation to any potential market operation. But the Italian bank, which has been concentrating on its own turnaround plan, had been waiting on the outcome of merger talks between Commerzbank and its larger Frankfurt neighbor, Deutsche Bank.
Asmussen, who studied business administration at Milan’s Bocconi University, has previously served on the executive board of the European Central Bank and as state secretary at the Federal Ministry of labor and social affairs. But a deal that would tie one of Germany’s biggest banks to debt-laden Italy could ultimately prove hard to sell in Berlin.
Analysts at Citi said that any tie up with UniCredit could make it cheaper for the bank to refinance its operations and trigger other cost savings.
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