FRANKFURT (Reuters) – Commerzbank’s supervisory and management boards have confirmed the bank’s current strategy of independence, the lender said on Thursday, as Italy’s UniCredit presses for a possible tie-up.
“Commerzbank is continuously expanding its independent position as a strong pillar in the German banking market and a reliable partner to the domestic economy. As ’Bank for Germany’, we firmly believe that it has considerable growth and appreciation potential,” the bank said.
UniCredit earlier this month disclosed that it had bought a 9% stake in Germany’s bank, plans to buy more and has pressed for discussions to explore a tie-up.
Commerzbank’s management, employees and the nation’s chancellor, Olaf Scholz, have all voiced opposition to a potential takeover, but at least one big investor and some business leaders favour talks.
The boards “unanimously confirmed its support for its strategy,” the bank said.
(Reporting by Tom Sims, Editing by Friederike Heine)
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