Uni Credit CEO says it expects to complete acquisition of Commerzbank in fourth quarter
UniCredit, Italy's largest commercial bank, may complete its acquisition of Commerzbank in the fourth quarter, CEO Andrea Orser said in an interview on Thursday. Oser said that UniCredit Bank is satisfied with its shareholding position in Commerzbank. It has now increased its shareholding ratio to 48% and is gradually achieving full control of the bank. Orser said the Commerzbank acquisition could happen in the fourth quarter or "a little later." "That will mark the moment we enter," the CEO said, adding that they would not wait until next May's shareholder meeting. He said the two banks remained "very different", adding that a series of integrations would need to be completed before a full merger could be achieved. UniCredit said the Commerzbank deal had evolved from "an attractive financial investment" to a "strategic transaction with significant industrial value creation". The Italian bank's second-quarter net profit fell 13% to 2.9 billion euros ($3.3 billion). The bank raised its full-year net profit target to more than 11 billion euros.