“There were always a lot of rumors about this, but something like that is also a question of timing,” the former investment banker comments on the speculation.
(Photo: Unicredit)
Frankfurt, Rome New advances from Italy: The major Milan bank Unicredit dealt with a merger with Commerzbank at the end of 2021 and beginning of 2022, as several people familiar with the topic told the Handelsblatt. These were considerations at an early stage and not yet concrete negotiations.
However, after the start of the Russian invasion of Ukraine on February 24, Unicredit put the plans on hold. Since then, the priority for CEO Andrea Orcel has been to get the bank’s problems under control because of its large commitment in Russia. In the extreme case of expropriation, Unicredit says it could face losses of 5.2 billion euros.
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