The handshake on March 26 was cordial. After more than a year of increasingly rancorous back and forth, Andrea Orcel, the CEO of UniCredit, and Bettina Orlopp, his counterpart at Commerzbank, had finally come together to discuss what a potential combination might look like.Over the course of two meetings, each lasting more than two hours, Orcel indicated that he wanted Commerzbank to focus more on Germany and Poland and scale back lending in other parts of the world, which he considered risky, according to people familiar with the matter. Orlopp disagreed with the numbers presented by the Italian and pushed back against his proposal for joint working groups to address differences, wary of giving too much information to a rival who had taken the bank’s stakeholders by surprise before, the people said.
UniCredit pursues Commerzbank, eyeing Europe’s biggest banking takeover
The handshake on March 26 was cordial. After more than a year of increasingly rancorous back and forth, Andrea Orcel, the CEO of UniCredit, and Bettina Orlopp, his counterpart at Commerzbank, had finally come together to discuss what a potential combination might look like.Over the course of two mee
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