Italy's UniCredit is attempting to gain a 21% stake in Germany's Commerzbank, raising concerns and marking a potential turning point for European banking. German Chancellor Olaf Scholz has publicly criticized the move as 'unfriendly' and 'hostile', sparking tensions between Italy and Germany.
Europe an banking's latest takeover battle is widely regarded as a potential turning point for the region — particularly the bloc's incomplete banking union
A man shelters from the rain under an umbrella as he walks past the Euro currency sign in front of the former European Central Bank building in Frankfurt am Main, western Germany.European banking's latest takeover battle is widely regarded as a potential turning point for the region — particularly the bloc's incomplete banking union.
"A compromise could still be found," he continued. "But the hostility developing in Italy and Germany could scupper any meaningful steps towards completing banking union and capital markets integration, which all sides say is necessary to drag Europe out of its malaise.
A spokesperson for Germany's government did not immediately respond when contacted by CNBC for comment.
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