Reuters: ECB will do anything to remove hurdles to bank mergers, Buch says
02 October 2024
The ECB, as the euro zone's top supervisor, will have the final say on whether UniCredit, Italy's second-largest bank, can raise its stake in its German rival to just below 30%.
The European Central Bank will do "anything" to remove hurdles to cross-border bank mergers in the euro zone, supervisory chief Claudia Buch said on Wednesday, as Italy's UniCredit (CRDI.MI), opens new tab eyed a bid for Germany's Commerzbank (CBKG.DE)
The ECB, as the euro zone's top supervisor, will have the final say on whether UniCredit, Italy's second-largest bank, can raise its stake in its German rival to just below 30%.
Buch did not mention either bank, as is ECB's policy, but her words provide further evidence of the central bank's support for such deals.
"Whatever we can do within supervision is not to stand in the way of more cross-border integration," Buch told a conference in Riga. "Anything we can do within our remit to make sure that cross-border activity is not hampered, that we certainly do."
UniCredit
entered talks with Commerzbank last week after snapping up a stake in its German rival, drawing criticism from both the bank and Germany's political establishment, who want to keep the lender independent....
© Reuters
