UniCredit (UNCRY) CEO Andrea Orcel says the bank isn’t planning to seek a board seat at Commerzbank (CRZBY) despite potentially becoming the German bank’s largest shareholder with a 21% stake, The Financial Times’ Owen Walker reports. While “all scenarios are open” for its Commerzbank stake, including a takeover, Orcel says UniCredit should be viewed, for now, as an investor. “I usually do not believe in investors having board seats,” he said at a Bank of America conference on Wednesday. “And in this specific case, I think it’s inappropriate for us to have a board seat because we are also a competitor.”
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