UniCredit, Commerzbank merger could add shareholder value, Orcel tells paper
Recasts, adds details throughout
BERLIN, Sept 16 (Reuters) -A merger of UniCredit CRDI.MI and Commerzbank CBKG.DE could add value for all stakeholders and create a stronger bank, UniCredit CEO Andrea Orcel told a German newspaper on Monday, adding a decision was in the hands of Commerzbank stakeholders.
Italy's second-largest bank took a 9% stake in Commerzbank last week, catching German authorities off guard and getting a hostile reception from local management, who want to fend it off.
The Italian banking chief said a merger with the smaller Commerzbank could "create a much stronger competitor on the German banking market", better supporting retail customers and German medium-sized companies, known as the Mittelstand, that play an important role in the economy.
"For the moment, we are only a shareholder. But a merger of the two banks could lead to considerable added value for all stakeholders," he told the Handelsblatt newspaper.
"There are very few overlaps" between the banks, he said.
Now he has laid out the case, Orcel said it was up to Commerzbank to decide.
"The decision lies with Commerzbank's stakeholders," he said.
Commerzbank declined to comment.
Asked when UniCredit would hold further talks with Commerzbank, Orcel told Handelsblatt that there was no firm timeline.
If "we come to the conclusion that a merger is best for both of us, that would be great, but ... as a major shareholder I must first ensure that our investment develops well," he said.
In an apparent effort to reassure Commerzbank employees worried about their jobs, Orcel said the potential for savings was in central functions, and not in areas of customer business, products, or the geographical network.
"I believe that many banks have neglected to make their central functions more efficient," he said.
Writing by Friederike Heine and Tom Sims
Editing by Shri Navaratnam, Kim Coghill and Barbara Lewis
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