Germany will not sell any more shares in Commerzbank for the time being and the bank's strategy is 'geared towards independence,' the nation's finance agency said on Friday.
The statement comes days after Italian bank UniCredit announced it had swooped in to buy a 9% stake in Commerzbank to become its second largest shareholder, and its Chief Executive Andrea Orcel signaled his merger ambitions.
The statement comes days after Italian bank UniCredit announced it had swooped in to buy a 9% stake in Commerzbank to become its second largest shareholder, and its Chief Executive Andrea Orcel signaled his merger ambitions. However, over the past week labor unions and Commerzbank management have called on the government to hold off on any further share sales.
A turnaround of UniCredit has overcome one of the obstacles. The bank, unlike rivals, has the financial firepower for a bold combination after reaping bumper profits.
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