Four months after the first operation also Jens Weidman, Chairman of the Supervisory Board of Commerzbank takes the field against the takeover that has allowed Unicredit to gradually increase its share of the capital to 28% of the German bank between stocks and derivatives.
Weidmann's words
According to the former number one of the Bundesbank, in fact, there would be little chance of a friendly merger: “It's like any relationship: if it doesn't work out at the beginning, it will be difficult,” Weidmann said in an interview with Handelsblatt, also expressing doubts about whether a hostile takeover in the banking sector could create sustainable value.
“In mergers, it is important that managers talk to each other first in a spirit of trust and develop a common understanding. UniCredit decided not to do this and surprised us with its entry. It's not a nice style“, Weidmann said.
Weidmann: “It is advantageous for Germany to have two independent banks”
Weidman further stated that “For Germany's financial sovereignty it would be advantageous to have two large independent private banksi”, referring to Deutsche Bank and Commerzbank. “Commerzbank’s footprint in Germany,” he continued, “would likely be smaller and Frankfurt’s attractiveness as a financial center would suffer.”
The German hawk, as he is known across Europe, stressed that in the event of a merger with Unicredit, “Commerzbank’s presence in Germany would probably be reduced and Frankfurt’s attractiveness as a financial centre would suffer,” he said, adding that many clients, especially in the small and medium-sized business sector, would be forced to reorient themselves in response to such a move.