ECB President Christine Lagarde said that the “marriage” between Italy's Yuxin Bank and Commerzbank will be welcomed by those calling for greater integration of the financial sector in the Eurozone.
When asked how the ECB views this approach, Lagarde said at a press conference on Thursday: “Cross-border mergers have always been what many authorities want.”
If Yushin Bank wishes to have a shareholding ratio of substantially more than the current 9% in Commerzbank, then it must obtain approval from the European Central Bank. Yushin Bank has indicated that it is applying for authorization.
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Lagarde said that many people are looking forward to promoting financial market integration, such as banking alliances, to promote multinational mergers, and this deal will meet their expectations.