Intesa CEO says Commerzbank move makes sense for UniCredit, but we're different
MILAN, Sept 18 (Reuters) -UniCredit's investment in German rival Commerzbank is consistent with an "excellent" geographic diversification strategy, the chief executive of Italy's top lender Intesa Sanpaolo said on Wednesday, adding that his bank had a different approach.
"I think it's a great deal. An excellent diversification strategy," Intesa ISP.MI CEO Carlo Messina told Class CNBC television on Wednesday after UniCredit CRDI.MI became the biggest private investor in Commerzbank CBKG.DE.
"Obviously it's only a first step, they've only bought a stake, it's not a full transaction, but it's strategy consistent with their business model," he added.
Since taking the reins at UniCredit in 2021, CEO Andrea Orcel has said his bank would scout for merger and acquisition opportunities in each of the 13 markets where it operates.
UniCredit has spent 1.5 billion euros ($1.7 billion) on buying 9% of Commerzbank and Orcel has said it will explore a possible merger among "value creating opportunities".
Unlike Intesa, which derives the bulk of its income from its domestic market, UniCredit has a large presence in Germany, Austria and other central and eastern European countries, including Russia.
"We have a different business model," Messina said. "Our focus is wealth management and insurance. Geographic diversification is not a priority for us."
Intesa owns its own asset management and insurance business, while UniCredit relies on partnerships.
With business in Germany that, albeit smaller in size, is more efficient and more profitable than Commerzbank's, UniCredit would benefit from cost savings were it to acquire the rival, boosting profits.
Messina has repeatedly said he would struggle to get shareholder support for a cross-border merger because such a deal would not create sufficient value for investors.
($1 = 0.8986 euros)
Reporting by Valentina Za
Editing by Mark Potter
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