European Central Bank President
Christine Lagarde commented Thursday that ""cross-border bank
mergers are desired by many authorities" when asked about
Italy's UniCredit acquiring a 9% stake in German lender
Commerzbank.
UniCredit CEO Andrea Orcel told Bloomberg TV on Thursday that
the move could be the precursor of a takeover bid, while
stressing that the Italian institute was flexible and "very
patient".
"The ECB does not usually comment on individual banking
institutions and the individual supervisory authority will do
what it has to do in full independence," Lagarde said.
"But cross-border bank mergers are desired by many authorities,
and it will be interesting to see the developments in the coming
weeks".
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