BERLIN, Sept 16 (Askume) – The merger between UniCredit (CRDI.MI) and Commerzbank (CBKG.DE) could enhance value for all stakeholders and create a new and stronger competitor in the German banking market.
The Italian banking chief said the merger could “create a strong competitor in the German banking market” that would better support retail customers and German medium-sized companies that play a key role in the economy.
“Currently we are the sole shareholder. But the merger of the two banks could create significant additional value for all stakeholders,” he said.
Oeser’s detailed comments in the German newspapers made a strong case for a possible merger.
But Oeser said the ball was now in Commerzbank’s court.
“This decision rests with the commercial bank stakeholders,” he added.
The commercial bank declined to comment.
The decision by Italy’s second-largest bank to acquire a 9% stake in Commerzbank last week surprised German authorities and was criticised by local management, which wanted the move blocked.
Asked when UniCredit would begin further talks with Commerzbank, Oser told Handelsblatt there was no specific timetable.
He said, “It would be great if we came to the conclusion that a merger would be best for both of us, but…as the majority shareholder I first have to make sure our investment grows well.”
