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UniCredit vows to finance German companies in tie-up with Commerzbank

By Reuters News

FRANKFURT, Oct 30 (Reuters) - Italy's UniCredit CRDI.MI on Friday said it was committed to financing Germany's medium-sized Mittelstand companies, seeking to allay concerns as it aims for a deal to take over Commerzbank CBKG.DE.

  • During UniCredit's two-year effort to take over Commerzbank, some German corporations, bankers and politicians have worried that UniCredit would turn its back on German companies in the event of a takeover.

  • "We will strengthen our support for corporate clients, building on and further developing the existing networks and relationships of HVB and Commerzbank. We will increase our capacity to finance corporate growth," UniCredit CEO Andrea Orcel said in a statement.

  • Commerzbank said in response that it welcomed UniCredit's commitment.

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