The CEO of UniCredit, Andrea Orcel, initiated contact with the administration of Commerzbank, a German financial institution, suggesting they consider a merger, according to an insider who informed Reuters. On the same day, Italy’s UniCredit proclaimed that they’ve acquired a 9% interest in Commerzbank. This move by UniCredit appears to be the most unequivocal hint till now of the Italian bank seeking to purchase Commerzbank. However, a representative of Commerzbank did not provide any affirmation or contradiction about any such proposals following their board assembly to discuss UniCredit matters on Wednesday. Representatives from UniCredit, on the other hand, were not directly accessible for a response. The chair of Fondazione Cariverona, a foremost Italian investor in UniCredit, expressed support for the decision of Italy’s secondary bank to invest in Commerzbank, noting the move as an enormously affirming one. Fondazione Cariverona currently claims a 1.09 per cent ownership in UniCredit.