UniCredit's CEO Andrea Orcel has a blueprint for Commerzbank: slash costs, strip out management layers and push harder for revenue growth, a formula that has helped transform the Italian lender into one of Europe's most profitable banks.
The ECB is leaning towards approving UniCredit's takeover of Germany's Commerzbank , an internal document detailing its preliminary view of the Italian bank's attempt to create one of Europe's largest lenders shows.
The CEOs of UniCredit and Commerzbank briefly met on the sidelines of a private event after the Italian bank secured 48% of its German rival in a takeover bid, but their exchange did not mark the start of any negotiation, a source close to UniCredit said.
Germany's Commerzbank , nearing a possible takeover by Italy's UniCredit , said on Thursday that net profit rose 94% in the second quarter, better than analysts had expected.
Commerzbank's CEO Bettina Orlopp has told employees that there will be further talks with UniCredit about a potential tie-up, according to Handelsblatt on Friday.
The gold market is struggling to hold support above $4,000 and could face further selling pressure, as one bank says a recovery remains unlikely as long as the war in Iran persists.
UniCredit CEO Andrea Orcel stands ready to engage with the German government on concrete conditions and a constructive way forward on strategic issues as part of his bank's bid for Commerzbank , according to a spokesperson on Friday.