BERLIN, April 20 (Reuters) - A German lawmaker on Monday voiced opposition to a takeover of Commerzbank by Italy's UniCredit but said if a deal were to happen, the combined bank should be based in
German Lawmaker Rejects UniCredit Takeover of Commerzbank, Demands Frankfurt HQ
German Political Response to UniCredit-Commerzbank Takeover Proposal
Opposition from Frankfurt Lawmaker
BERLIN, April 20 (Reuters) - A German lawmaker on Monday voiced opposition to a takeover of Commerzbank by Italy's UniCredit but said if a deal were to happen, the combined bank should be based in Frankfurt.
Key Figure: Armand Zorn
• The lawmaker is Armand Zorn, a Social Democrat representing Frankfurt in Germany's parliament.
Concerns Over Germany's Banking Sector
• This takeover is the wrong path for Commerzbank and for Germany as a banking hub, he said in a statement to Reuters.
Frankfurt as the Essential Headquarters
• "Should a transaction nevertheless take place contrary to our position, then the headquarters would have to be in Frankfurt, because that is where the business focus, the responsibility for the German economy, and thus also the center of decision-making and supervision would have to be," he said.
UniCredit's Position and Recent Developments
• Earlier on Monday, UniCredit CEO Andrea Orcel held an unscheduled analyst call after announcing a set of measures Commerzbank should adopt to improve its performance.
Reporting Credits
(Reporting by Christian Kraemer; writing by Tom SimsEditing by Tomasz Janowski)
