Unicredit CEO Dismisses Commerzbank Takeover Bid

Unicredit Chief Executive Andrea Orcel has ruled out a takeover bid for Commerzbank, calling it an 'aggressive move.' In a recent interview, he mentioned there is no urgency to increase UniCredit's current 9% stake in the German bank, which the German government sees as a reliable investor.

Unicredit Chief Executive Andrea Orcel has dismissed the possibility of a takeover bid for German banking peer Commerzbank, describing such an action as an 'aggressive move.'

In an interview published on Thursday in the Italian daily Il Messaggero, Orcel emphasized there is 'no rush' to boost UniCredit's existing 9% stake in Commerzbank.

The CEO also noted that the German government sold its shares to UniCredit, identifying the Italian bank as a 'reliable and suitable investor.'

(With inputs from agencies.)