The merger of Unicredit and Commerzbank would add value for all stakeholders, Orcel tells Handelsblatt.

BERLIN (Reuters) – A merger of Italy’s Unicredit ( BIT: ) and Germany’s Commerzbank ( ETR: ) would add value for all stakeholders and create a much stronger competitor in Germany’s banking market, Unicredit’s CEO said , Andrea Orcel, to Handelsblatt in an interview published on Reuters. Monday.

“At the moment, we are just shareholders,” he said. “But a merger of the two banks could lead to considerable added value for all stakeholders and create a much stronger competitor in the German banking market.”

Italy’s second-biggest bank swooped in last week to take a 9 percent stake in Commerzbank, catching German authorities off guard and receiving a hostile reception from local leaders who want to avoid it.

Asked when Unicredit would hold further talks with Commerzbank, Orcel told Handelsblatt there was no firm timetable.

If “we come to the conclusion that a merger is best for both of us, that would be great, but … as the majority shareholder, I have to make sure that our investment is growing well,” he said.