Executives from UniCredit engaged in discussions with senior German authorities officers, together with representatives from the chancellery and the Finance Ministry, within the months main as much as the Italian financial institution’s acquisition of a portion of the state’s stake in Commerzbank, in accordance with parliamentary paperwork.
The particulars of the conferences are offered in a authorities response to Matthias Hauer, a German lawmaker, and are the fullest account but of contact between Germany and UniCredit earlier than the Italian financial institution swooped to purchase a big stake in Commerzbank. The German authorities has mentioned it was stunned by UniCredit’s transfer.
UniCredit has since pressed for a attainable tie-up in what can be probably the most bold try but at a pan-European financial institution merger, however it faces appreciable political hurdles in Germany forward of nationwide elections.
Florian Toncar, the state secretary in control of the stake sale, spoke with Marion Hoellinger, the top of UniCredit’s German arm, on Sept. 4 a few authorities company announcement on the stake sale and once more on Sept. 10, the doc obtained by Reuters confirmed.
Chairperson Pier Carlo Padoan met with Joerg Kukies, a prime official within the German chancellery, on the sidelines of a convention in Paris on May 16, in accordance with the federal government’s reply, which additionally flagged two additional exchanges with chancellery officers, on June 7 and May 30.
While the doc sheds mild on numerous conferences, it gives few particulars of the content material of the discussions.
Hauer, a Christian Democrat lawmaker, mentioned the reply confirmed a “lively exchange” between the German authorities and the Italian financial institution, urging an additional inquiry into how the federal government had bought the complete stake on the market to UniCredit fairly than quite a lot of traders.
“The German government … make out as if they have nothing to do with the chaos at Commerzbank. But they caused it,” he mentioned.
UniCredit declined to remark. Germany’s Finance Ministry did not instantly reply to a request for remark.
The German authorities grew to become the highest shareholder in Commerzbank after a bailout within the international monetary disaster greater than a decade in the past.
Source: www.dailysabah.com