When UniCredit bought 9 per cent of Commerzbank this month, the Italian bank’s chief executive Andrea Orcel sought to reassure Berlin of his intentions by saying cross-border banking deals could not happen against the will of governments.
Outside its home market, any bank needed the “support from local institutions”, he said, noting that UniCredit “always entertained a dialogue with regulators, institutions and counterparts in Germany”.
That dialogue appears to have broken down.
On…
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