Commerzbank chief Bettina Orlopp shot down an invitation from Andrea Orcel to hold informal talks about a potential tie-up with UniCredit, and has instead insisted on receiving a written proposal before engaging, according to people familiar with the situation.

UniCredit-CEO Andrea Orcel hat Commerzbank-Chefin Bettina Orlopp im Herbst vergangenen Jahres offenbar ein informelles Gespräch über die Zukunft beider Banken angeboten, doch die Managerin lehnte ab.

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.