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Commerzbank 'convinced' of value in UniCredit deal

By Reuters News

FRANKFURT, Nov 5 (Reuters) - Germany's Commerzbank CBKG.DE, nearing a possible takeover by Italy's UniCredit CRDI.MI, said on Thursday that it was "convinced" a deal between the two banks could create value.

Commerzbank's CEO made that statement as the lender reported a 45% increase in profit for the third quarter, completing what it called its best nine-months in history.

"We are convinced that together with UniCredit, we can create value by consistently leveraging the strengths of both banks,” said CEO Bettina Orlopp.

Net profit of €859 million euros ($967.32 million) in the quarter compares with a profit of €591 million a year earlier. Analysts had on average expected profit of €864 million, according to a consensus forecast published by Commerzbank.


($1 = 0.8880 euros)

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