Mergers could benefit banks and EU economy, says EU executive

Mergers could allow banks to become more resilient to shocks and to operate more efficiently and would benefit the European Union economy, according to the European Commission.

The EU’s executive’s comments come a day after German Chancellor Olaf Scholz slammed as “an unfriendly attack” Unicredit’s move to become the biggest investor in rival Commerzbank (CBKG.DE).

The European Commission said it did not comment on specific cases, but nevertheless did set out the advantages of banking consolidation.