In its bid for Commerzbank, the major Italian bank Unicredit is counting on the concessions of a new German government.

"Without the support of such an important institution as the German government, it will be difficult," Unicredit CEO Andrea Orcel told the "Frankfurter Allgemeine Zeitung". The previous German government under current Chancellor Olaf Scholz had reacted negatively to the Italian bank's plans and had spoken out in favor of Commerzbank's continued independence. "I would expect us to be able to present our view of things," Orcel told the newspaper. "I hope for the summer. Overall, we should know where we stand by the end of the year at the latest," he added.

According to the newspaper, Orcel confirmed the ongoing interest in Commerzbank, but also said with regard to the government's rejection: "If this does not lead to a change, we could also withdraw again."

In December, the Milanese had declared that they now controlled around 28 percent of Commerzbank shares, of which they held around 9.5 percent directly. Unicredit had secured access to a further 18.5 percent through derivatives. Commerzbank reacted coolly to the advances.

(Report by Matthias Inverardi, edited by Birgit Mittwollen. If you have any questions, please contact our editorial team at berlin.newsroom@thomsonreuters.com (for politics and the economy) or frankfurt.newsroom@thomsonreuters.com (for companies and markets).)