Commerzbank would lose clients in UniCredit merger, German lender's CEO says
FRANKFURT, Oct 7 (Reuters) -Commerzbank CBKG.DE and UniCredit CRDI.MI did not discuss a merger at a recent meeting, the German lender's CEO Bettina Orlopp told a local newspaper, saying any tie-up with its Italian peer would result in the loss of customers.
Orlopp, in her first interview since becoming CEO of Germany's second-biggest lender by assets after Deutsche Bank DBKGn.DE, was downbeat on the prospects for big bank mergers.
Italy's second-biggest lender after Sanpaolo Intesa ISP.MI has been pressing for a tie-up while Commerzbank has been honing its defence.
"Just because a merger looks good on paper does not mean it will be executed well and can ultimately be successful and create value for our shareholders," German newspaper Handelsblatt cited Orlopp as saying in the interview published on Monday.
Orlopp gave the interview days after meeting with UniCredit CEO Andrea Orcel. She said the two did not discuss a merger at what she described as a normal investor meeting.
Orlopp, who has expressed support for Commerzbank's strategy of independence, told the newspaper that the German bank would lose customers should the two lenders merge because there was a lot of client overlap. She also said Commerzbank's credit rating would decline.
UniCredit has amassed a 9% stake in Commerzbank and said it planned to buy more shares if it received regulatory clearance. It has also been pressing for discussions to explore a merger.
The approach represents the most significant attempt at a pan-European bank merger. However, it faces political hurdles in Germany ahead of national elections.
Chancellor Olaf Scholz as well as Commerzbank's management and employees have all voiced opposition to a takeover. At least one big investor and some business leaders favour talks.
Orcel, who has long held an interest in merging with Commerzbank, said a tie-up would be the best outcome.
UniCredit vs. Commerzbank https://reut.rs/3ZNyaNa
Reporting by Tom Sims; Editing by Christopher Cushing
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