The German embassy in Italy sought clarification from the country's main banking union, Fabi, regarding the ongoing takeover battles in the sector during a meeting in Rome. Fabi reported that its chief, Lando Maria Sileoni, and the embassy's financial affairs advisor, Benedikt Grodau, discussed current deals, banking regulations, the union's role, and political implications.
Fabi highlighted that Germany is closely monitoring the rapidly evolving Italian financial sector and its international implications. In Italian banking, current M&A activities involve UniCredit and Monte dei Paschi di Siena competing for Banco BPM and Mediobanca, respectively.
Moreover, the disclosure of the Italian bank's significant stake in Commerzbank last year, along with its pursuit of a merger, caused tension with the German government. The Italian bank's bid for Commerzbank was one of the topics addressed at the embassy meeting, as per a source present at the discussion, who did not provide specifics.
UniCredit is presently awaiting approval from the European Central Bank for its 28% stake in the German lender, largely acquired through derivatives.