LOADING ...

ING, UniCredit Said to Tap Advisers on Commerzbank

97 views   |  
01:33   |   May 15, 2019 at 07:00

Thumbs

ING, UniCredit Said to Tap Advisers on Commerzbank
ING, UniCredit Said to Tap Advisers on Commerzbank thumb ING, UniCredit Said to Tap Advisers on Commerzbank thumb ING, UniCredit Said to Tap Advisers on Commerzbank thumb

Transcription

  • let's talk about Commerce Bank first of
  • all I mean I think it's fair to say
  • they're in play yes it does look like it
  • came on for this and as you both know
  • we've talked a lot about how a doja Bank
  • and Commerce Bank were potentially going
  • to merge and in those talks when you
  • know credit surface as well as ing
  • looking at Commerce Bank and it looks
  • like now that the Deutsche Bank Commerce
  • Bank merger is off that ing and
  • unicredit are pushing forward in terms
  • of due diligence around Commerce Bank
  • didn't you know credit the CEO or CFO
  • yet last week to earlier this week say
  • like cross-border mergers are super
  • alright yeah yeah I don't want to do
  • that when you want to buy something what
  • do you do you tuck it down don't be any
  • cynical but you never know the market
  • well one of the questions is how do you
  • take Commerce Bank and make money out of
  • it without laying off people well that's
  • one of the big hurdles to actually get a
  • good deal done is there's been a lot of
  • pushback already from workers and union
  • union saying you know we don't want to
  • merge because we don't want jobs to be
  • laid off but in terms of these two
  • companies the Dutch company the Italian
  • bank potentially it could expand their
  • presence in Germany and that could be
  • really helpful for them long term in
  • terms of their client base yeah in which
  • case do you know to your point a little
  • different than if we did do bank
  • Commerce Bank right juniper a doesn't
  • have that kind of retail presence say in
  • Germany so less these are not has a
  • retail business but it's very different
  • from prime college bank so they don't
  • overlap whereas Deutsche Bank's do the
  • branches in the same place that's my
  • understanding that's where they have
  • branches but they're in different parts
  • that country so you don't get that kind
  • of synergy the theory is as I understand
  • it right and maybe there wouldn't be as
  • much of a job overlap as well in terms
  • of layoffs so that Mike it might make it
  • possible

Download subtitle

Download video & audio

Right click on one of the buttons above and choose "Save Link As..." to download video

Description

May.15 -- ING Groep NV and UniCredit SpA are reportedly lining up advisers to explore a potential takeover of Commerzbank AG. Bloomberg's Peggy Collins reports on "Bloomberg Daybreak: Americas."

Keywords

Bloomberg