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We need strong banks, says ECB's Nagel on Commerzbank-UniCredit
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We need strong banks, says ECB's Nagel on Commerzbank-UniCredit
Sep 13, 2024 2:34 PM

BERLIN, Sept 13 (Reuters) - Any banking merg⁠er, such as

the possible takeover of Commzerbank by Italy's

UniCredit, depends on the business model and must

serve competitiveness, the European Central Bank's Joachim Nagel

said in a radio interview on Friday.

"It is clear that we need strong and robust banks," Nagel

told Deutschlandfunk, declining to comment on market

developments.

"In a bank merger, whatever form it may take - we have now

given one example - it ultimately depends on whether the

business models complement each other and whether the result is

a bank that is competitive," he said, adding that he was

confident all parties would act responsibly.

Italy's second-largest bank swooped to take a 9% stake in

Commerzbank earlier this week, setting the stage for a possible

takeover bid.

(Reporting by Rachel More; Editing by Muralikumar Anantharaman)

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