UniCredit Group CEO Andrea Orcel has escalated the Italian bank's pursuit of Commerzbank by calling for direct negotiations with the German federal government.
In a statement reported by Welt, Orcel expressed optimism that resistance to the takeover is fading, while simultaneously warning that the acquisition will necessitate significant reductions in headcount and branch networks.
The comments mark a strategic pivot from purely financial maneuvering to direct political lobbying, as the Italian lender seeks to overcome regulatory and political hurdles in Berlin.
The push for government talks comes as the takeover battle intensifies.
Orcel’s remarks suggest that UniCredit believes the path to approval lies in demonstrating the long-term viability of a merged entity, even if it means painful short-term adjustments for Commerzbank’s workforce.
The warning of job cuts and branch closures is likely to heighten scrutiny from German labor unions and political stakeholders, who have previously voiced concerns about the potential impact on the German banking sector.