Andrea Orcel has to win two battles for UniCredit SpA to take over Germany’s Commerzbank AG. First, the Italian bank’s chief executive officer needs to sell the story that a merger would deliver better returns than Commerzbank can achieve alone. But second, he must convince Germany that a sale of its second-largest listed bank isn’t a sign of weakness. That’s the much harder argument to make.
Germany spent years lecturing its southern European neighbors about their excessive borrowing and mountains of bad loans. Now, Italy has banks that are stronger, more profitable and banging on the gates with advice of their own. Orcel somehow needs to persuade Germany’s politicians and public to see a potential deal as progress for Europe rather than a knock to their national pride.
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Publish date : 2024-09-30 21:00:00
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