Commerzbank move is a test for Europe - Orcel

(ANSA) - ROME, SEP 25 - UniCredit's move on Commerzbank is a "test for Europe", the CEO of Italy's second-largest bank Andrea Orcel told the Bank of America CEO conference on Wednesday.
    Orcel explained that "there isn't an offer, it's an investment and nothing else.
    "We can maintain, increase or sell the stake", noted the CEO after the Italian lender on Monday said it was preparing to increase its stake in Commerzbank to 21%, prompting German Chancellor Olaf Scholz to slam the move as "an unfriendly attack".
    "We will not ask for spots on Commerzbank's board", Orcel told investors, explaining that, "we are an investor and usually I don't think investors have a place within the board".
    "In this specific case, I don't think it is appropriate for us to sit on the board because we are a competitor", he added.
    Commerzbank supervisory board members on Tuesday expressed opposition to any takeover of the German bank by UniCredit.
    UniCredit on Monday announced that it had entered into financial instruments enabling it to increase its stake in Commerzbank to 21% of the capital.
    The Italian lender said it has requested the European Central Bank for authorization to raise its stake beyond 10% of the capital to reach a holding of up to 29.9% in the German bank.
    UniCredit said in a note that it had acquired through financial instruments an additional 11.5% of Commerzbank explaining that "the physical settlement under the new financial instruments may only occur after the required approvals have been obtained".
    In addition to the initial 9%, UniCredit's position now totals around 21%, the lender said. (ANSA).