Finance

UniCredit’s Orcel Surprised by German Backlash Over Commerzbank

WATCH: Orcel says he won’t pursue a Commerzbank deal at all costs and that it’s “premature” to say whether UniCredit will increase its offer for BPM.Source: Bloomberg

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By Sonia Sirletti and Levin Stamm

January 21, 2025 at 8:19 AM UTC

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UniCredit SpA Chief Executive Officer Andrea Orcel said he was surprised by the backlash in Germany over his efforts to acquire Commerzbank AG, saying his bank was invited to bid and communicated with all sides.

Over the past two-and-a-half years, Orcel had multiple meetings with the German government and Commerzbank leadership, he said in an interview with Bloomberg TV’s Francine Lacqua at the World Economic Forum in Davos.