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.
“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 …