Sat Sep 28 13:40:34 UTC 2024: ## UniCredit Chief Joins Commerzbank Investor Meeting Amid Merger Talks
**Milan, Italy -** UniCredit CEO Andrea Orcel participated in a virtual meeting with Commerzbank on Friday, following the Italian bank’s acquisition of a significant stake in the German lender. The meeting, which included Commerzbank’s designated CEO Bettina Orlopp, was described as a typical investor meeting by UniCredit sources.
Orcel has publicly expressed interest in a merger between the two banks, but any such deal would require broad support from all stakeholders. Despite Orcel’s preference, the merger has faced opposition from Commerzbank’s management, employees, and the German government.
The Italian government has also expressed concerns, with Deputy Prime Minister Matteo Salvini stating he would not want UniCredit to relocate its base to Germany as part of the merger. UniCredit has clarified that its headquarters remain in Italy and there are no discussions regarding a relocation.
The news of Orcel’s participation in the meeting comes as UniCredit explores plans to streamline its central offices, potentially allowing for a downsized corporate center in Milan. This move could provide an advantage in any potential merger negotiations, as the location of a combined entity has been a key point of contention.
Germany is keen on preserving Commerzbank’s German roots, while Italy worries about UniCredit becoming too German in a potential merger. A combined group would see over 55% of its customer loans and deposits originating in Germany.
The meeting between UniCredit and Commerzbank highlights the ongoing discussions regarding a possible merger, with both parties navigating the complexities of a potential deal. The future of the two banks, and the location of any combined entity, remains uncertain.
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