The behavior of the potential acquirer was very aggressive, very opaque, untransparent,” Germany’s Jörg Kukies told CNBC of UniCredit’s bid for Commerzbank.

Commerzbank chief Bettina Orlopp shot down an invitation from Andrea Orcel to hold informal talks about a potential tie-up with UniCredit, and has instead insisted on receiving a written proposal before engaging, according to people familiar with the situation.

Commerzbank on Wednesday defined UniCredit's approach for a potential tie-up as "hostile", and said there had been no discussion of it with the Italian bank in the past two years, despite UniCredit CEO Andrea Orcel saying there had.

UniCredit said on Friday it would bring in-house back-office activities for securities custody services, with an initial focus on Germany, where the move will create 140 new jobs.

UniCredit SpA Chief Executive Officer Andrea Orcel said he was surprised by the backlash in Germany over his efforts to acquire Commerzbank AG, saying his bank was invited to bid and communicated with all sides.

Italy's UniCredit bank said on Tuesday it would not rush a possible takeover of German rival Commerzbank and was willing to walk away but would wait first for the German election's outcome.

Italian bank UniCredit — one of the last remaining Western banks still operating in Russia — has stopped outgoing euro transfers for individual clients, Russian outlet The Moscow Times wrote on Jan. 23.

German lender under pressure to cut costs and boost returns after unwanted approach from UniCredit. Read more at straitstimes.com.

Commerzbank AG stepped up its rhetoric against the approach from UniCredit SpA, further complicating the situation for the Italian lender.Most Read from BloombergHow Sanctuary Cities Are Preparing for

UniCredit has announced plans to bring its back-office activities for securities services across Italy and Germany in house, standardizing its set-up.

Economic output in Europe's largest economy sank 0.2% last year after it declined 0.3% in 2023, the first two-year contraction since 2003, according to Germany's federal statistics agency Destatis on Wednesday.

Suggestions that German lender Commerzbank was considering cutting thousands of jobs as it fights off an unwanted advance from Italy's UniCredit had unsettled employees, a senior trade union official said Monday.