Commerzbank, UniCredit will meet almost early on Friday, the source says By Reuters

By Tom Sims

FRANKFURT (Reuters) – A meeting between Commerzbank ( ETR: ) and UniCredit bankers on Friday will basically take place in the morning, a person with direct knowledge of the matter told Reuters.

The meeting is a first round of talks between the two banks as the Italian lender pushes for a possible relationship and Commerzbank hones its defences.

It was not immediately clear which bank executives would be in attendance, although insiders said UniCredit chief Andrea Orcel would not be there.

Commerzbank CEO-designate Bettina Orlopp told a financial conference in London on Thursday that the two banks would meet to “exchange views” now that UniCredit is a shareholder.

It is a first meeting between banks no. 2 in Germany and Italy since UniCredit earlier this month revealed it had bought a 9% stake in Commerzbank, said it planned to buy more shares and pressed for talks to explore a relationship.

Commerzbank shares were 1.1 percent higher in early trade, adding to a nearly 7 percent gain on Thursday.