BERLIN: Commerzbank reiterated on Friday that it will not meet with UniCredit for formal discussions until it receives a specific proposal from the Italian bank, which has ruffled feathers in Berlin with its interest in a merger.

Earlier Friday, the Financial Times reported that Commerzbank CEO Bettina Orlopp had shot down an invitation from UniCredit CEO Andrea Orcel to hold informal talks about a potential tie-up with UniCredit, citing people familiar with the matter.

“We have consistently signalled our willingness to engage in discussions and would review a proposal from UniCredit in the interest of all stakeholders. However, we have not received any proposal yet,” a Commerzbank spokesperson said.

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“Only a specific proposal regarding the economic and structural terms of a transaction could be a basis for potential talks,” the spokesperson added in response to a Reuters request for comment.