Commerzbank CFO Says UniCredit Deal Would Not Create Value

Commerzbank AG Chief Financial Officer Carsten Schmitt said a takeover of the German lender by Italian rival UniCredit SpA could impede its ability to support the economy and wouldn’t create value for investors at this time.

“With the heavy burden of an integration, of bringing banks together in such a vulnerable situation in the economy, we simply feel that we would not be able to actually stand at the side of our customers,” Schmitt said at a banking conference in Frankfurt. That’s “besides the fact that we don’t see the value being created over the next years.”