The Fort Worth Press - UniCredit says needs a year to decide Commerzbank deal

USD -
AED 3.672977
AFN 68.000338
ALL 93.019769
AMD 388.466711
ANG 1.802136
AOA 913.507442
ARS 1004.024015
AUD 1.53468
AWG 1.8025
AZN 1.702233
BAM 1.859028
BBD 2.018819
BDT 119.494913
BGN 1.86488
BHD 0.376867
BIF 2897.5
BMD 1
BND 1.343751
BOB 6.909335
BRL 5.814302
BSD 0.999857
BTN 84.485602
BWP 13.651378
BYN 3.272548
BYR 19600
BZD 2.015674
CAD 1.39568
CDF 2870.000091
CHF 0.886604
CLF 0.035278
CLP 973.429703
CNY 7.237203
CNH 7.253685
COP 4391
CRC 508.292544
CUC 1
CUP 26.5
CVE 105.62499
CZK 24.195026
DJF 177.720257
DKK 7.115305
DOP 60.4023
DZD 133.588994
EGP 49.668496
ERN 15
ETB 123.093572
EUR 0.95385
FJD 2.27125
FKP 0.789317
GBP 0.793835
GEL 2.725002
GGP 0.789317
GHS 15.849765
GIP 0.789317
GMD 70.999559
GNF 8629.999573
GTQ 7.719178
GYD 209.209595
HKD 7.78355
HNL 25.174971
HRK 7.133259
HTG 131.285912
HUF 392.284991
IDR 15927.05
ILS 3.71464
IMP 0.789317
INR 84.510799
IQD 1310.5
IRR 42104.999856
ISK 139.349642
JEP 0.789317
JMD 158.803485
JOD 0.709103
JPY 154.569674
KES 129.501289
KGS 86.498751
KHR 4049.999918
KMF 467.497654
KPW 899.999621
KRW 1399.524993
KWD 0.30763
KYD 0.833321
KZT 495.877273
LAK 21954.999924
LBP 89600.000059
LKR 290.944865
LRD 180.450432
LSL 18.110004
LTL 2.95274
LVL 0.60489
LYD 4.884965
MAD 9.995001
MDL 18.209124
MGA 4670.000107
MKD 58.680488
MMK 3247.960992
MNT 3397.999946
MOP 8.016062
MRU 39.904986
MUR 46.403431
MVR 15.459836
MWK 1734.999682
MXN 20.41969
MYR 4.465031
MZN 63.949792
NAD 18.109844
NGN 1687.150112
NIO 36.789902
NOK 11.067525
NPR 135.177343
NZD 1.70542
OMR 0.384985
PAB 0.999948
PEN 3.795025
PGK 4.02575
PHP 58.981496
PKR 278.050105
PLN 4.1439
PYG 7848.150595
QAR 3.64075
RON 4.747398
RSD 111.612008
RUB 101.300503
RWF 1370
SAR 3.754518
SBD 8.355531
SCR 13.660107
SDG 601.477673
SEK 11.057569
SGD 1.345855
SHP 0.789317
SLE 22.574973
SLL 20969.504736
SOS 571.492896
SRD 35.405018
STD 20697.981008
SVC 8.749543
SYP 2512.529858
SZL 18.109726
THB 34.714996
TJS 10.649728
TMT 3.5
TND 3.164995
TOP 2.342097
TRY 34.496503
TTD 6.787668
TWD 32.563503
TZS 2652.35897
UAH 41.282881
UGX 3694.533288
UYU 42.610626
UZS 12880.000006
VES 46.002271
VND 25422.5
VUV 118.722009
WST 2.791591
XAF 623.500672
XAG 0.032387
XAU 0.000374
XCD 2.70255
XDR 0.762793
XOF 619.500595
XPF 113.650183
YER 249.924982
ZAR 18.08805
ZMK 9001.213194
ZMW 27.574604
ZWL 321.999592
  • RYCEF

    0.1800

    6.79

    +2.65%

  • JRI

    -0.0350

    13.195

    -0.27%

  • RBGPF

    -0.5000

    59.69

    -0.84%

  • CMSC

    0.0700

    24.59

    +0.28%

  • BCC

    3.3200

    140.73

    +2.36%

  • VOD

    -0.1050

    8.835

    -1.19%

  • RIO

    0.1100

    62.5

    +0.18%

  • NGG

    -0.2400

    63.03

    -0.38%

  • SCS

    0.1350

    13.205

    +1.02%

  • CMSD

    0.0880

    24.348

    +0.36%

  • RELX

    0.5550

    45.665

    +1.22%

  • BTI

    -0.1000

    36.98

    -0.27%

  • GSK

    0.1900

    33.54

    +0.57%

  • BCE

    -0.4480

    26.552

    -1.69%

  • BP

    0.3450

    29.425

    +1.17%

  • AZN

    0.6450

    63.845

    +1.01%

UniCredit says needs a year to decide Commerzbank deal
UniCredit says needs a year to decide Commerzbank deal / Photo: © AFP

UniCredit says needs a year to decide Commerzbank deal

The chief executive of Italy's UniCredit bank said Wednesday there would be no decision on a possible takeover of German rival Commerzbank for at least a year.

Text size:

"The process of engaging with all the stakeholders will take some time," Andrea Orcel told a conference call with analysts.

UniCredit was the "largest investor in Commerzbank today", he said, but for now it was "an investment and nothing else".

He confirmed his interest in the German lender, but said that "there isn't anything on the table at the moment, there never was".

"We cannot be an investor for ever without taking a decision but I would not look at that decision being taken before a year from now," he said.

Italy's second-biggest lender surprised markets in September by building up a stake of about 21 percent in its German rival, fuelling speculation that it could be gearing up to mount a takeover effort.

The approach has sparked anger in Germany, with unions fearful it could lead to job losses and politicians -- lead by Chancellor Olaf Scholz -- speaking out against a merger.

Commerzbank raised its 2024 outlook Wednesday after better-than-expected quarterly results.

It posted net profit from July to September of 642 million euros ($689 million), down six percent from a year earlier.

Coming against a backdrop of falling eurozone interest rates, the results nevertheless beat analysts' expectations.

"Our figures and our strong customer business emphasise that our strategy is paying off," said Commerzbank's new CEO Bettina Orlopp, who has vowed to fight any takeover attempt by UniCredit.

- Warning from Commerzbank -

UniCredit also published third-quarter results on Wednesday, posting a net profit of 2.5 billion euros, 8.2 percent higher than a year ago.

This was also better than expected by analysts.

Orcel said the Italian lender was now targeting net profit of more than nine billion euros this year as well as in 2025 and 2026, compared to more than 8.5 billion euros previously.

Commerzbank's Orlopp has warned that a tie-up with UniCredit could cause the German bank to lose customers and hurt its credit score.

After Wednesday's better-than-expected results, Commerzbank raised its forecast for net interest income from around 8.1 billion euros to around 8.2 billion for the year.

It also boosted its forecast for net commission income, and maintained its profit target for the year at 2.4 billion euros, which would be a record.

Orlopp said Wednesday that Commerzbank would present a new strategy next February "to further increase the bank's profitability in the coming years and create sustainable value for our shareholders".

In a bid to boost its attractiveness for investors, Commerzbank had already boosted its medium-term targets in September, with net profit forecast to exceed three billion euros by 2027.

The bank is also launching a fresh share buyback, which should boost its share price.

C.M.Harper--TFWP