For decades, Andrea Orcel was the 'rainmaker' who CEOs turned to for advice on the big deals that reshaped the banking landscape. Now, as UniCredit chief executive, the Italian has set himself his biggest test so far -- breaking down Europe's deeply entrenched political resistance to cross-border mergers.

UniCredit CEO Andrea Orcel stated that a merger with Commerzbank could deliver substantial value for stakeholders, strengthening both banks in the German market. Orcel highlighted potential savings in central

The government said it won’t offload any additional shares in the bank following the sale to UniCredit for €702 million. The move marks an U-turn for the government.

Italy's UniCredit defied Germany's defence of Commerzbank by using derivative contracts on Monday to raise its potential stake in the German lender to near 21%, while waiting for regulatory approval to go above 9.

The German government won’t sell any more shares in Commerzbank AG for now, the strongest signal yet that Berlin is opposed to any UniCredit SpA bid.Most Read from BloombergAOC Proposes $30 Billion Social Housing AuthorityThe Moonshot Plan to Eliminate Deaths on America’s RoadsCalifornia’s Anti-Speeding Bill Can Be a Traffic Safety BreakthroughNew York City’s Transit System Plans $65.