UniCredit is aiming to acquire Commerzbank in the fourth quarter, the CEO of the Italian bank told CNBC in an exclusive interview.
Speaking with CNBC’s “Europe Early Edition,” UniCredit CEO Andrea Orcel said the bank is happy with its position in Commerzbank, with the bank now closing in on full control of the German lender, having upped its stake to 48%.
Orcel said the Italian bank is firing on all cylinders, having raised its full-year guidance after posting its best-ever second-quarter and first-half results Thursday.
An acquisition of Commerzbank could occur “potentially” in the fourth quarter, “maybe later,” Orcel told CNBC’s Carolin Roth.
“That would mark the moment when we go in,” the CEO said, adding that they would not wait for the AGM in May.
He said that the two banks remain “very different,” adding that a number of alignments need to occur before any full merger takes place.
UniCredit.
UniCredit said the Commerzbank deal has evolved from “an attractive financial investment” to a “strategic transaction of substantial industrial value creation.”
The Italian bank’s net profit fell 13% to 2.9 billion euros ($3.3 billion) in the second quarter,
Its full-year net profit target has been upgraded to more than 11 billion euros.
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