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Italy's ABI head says meddling with ECB's role over M&A lethal for banking union

BY Reuters | ECONOMIC | 10/23/24 05:20 AM EDT

FLORENCE, Italy (Reuters) - The head of Italy's banking association ABI on Wednesday called for the European Central Bank to be the sole decision-maker over transactions in the industry, saying interfering with its independence to block one deal would be a mistake.

Comments by ABI President Antonio Patuelli come as UniCredit faces stark opposition in Germany to a potential offer for rival Commerzbank, in which Italy's No.2 bank has built a near 21% stake, conditional on ECB approval.

"If anyone interfered it would call into question not a single transaction, but the legitimacy of the banking union of which the ECB and its independence are the core," he told a press seminar.

(Reporting by Valentina Za, editing by Giulia Segreti)

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