Barclays, Bank of America Helped Orcel Buy Commerzbank Stake
- Lenders arranged Commerzbank-linked derivatives for Orcel
- Germany was stunned when UniCredit unveiled 9% stake
UniCredit SpA CEO Andrea Orcel subsequently also relied on firms including Barclays to effectively expand its holding in Commerzbank to the current level of about 21%.
Photographer: Carlotta Cardana/BloombergUniCredit SpA Chief Executive Officer Andrea Orcel used Barclays Plc and Bank of America Corp. to help him quietly build up a stake in Commerzbank AG, a move that has shaken European finance and triggered a backlash from the German government.
Barclays arranged derivatives linked to Commerzbank for the Italian lender in the weeks before Berlin sold a stake earlier this month, people familiar with the matter said. Barclays and Bank of America subsequently helped Orcel to effectively expand UniCredit’s holding in Commerzbank to the current level of about 21%, they said asking not to be named discussing the private information.