you have unicredit that is non-germ.e ing that is non-german, jpmorgan, goldman sachs, all of which have significant relative banking in germany either through organic throws or acquisition. we recently had a large takeover in the banking sector where a dutch bank acquired a german bank. in general the german market is very open to investment by foreign banks, so your perception that once a foreign bank acquires a german bank it is not possible, definitely does not conform to the reality. in this specific case what the entire german government and the german opposition criticized is the hostility of the takeover, the fact that it was not announced, the fact that it wasn't done in a transparent way, and i stand by that. no country would allow such a behavior for a potential takeover of a systemic bank. i can only repeat what the chancellor said in this regard, what i said two weeks ago in this regard, what my predecessor said in this regard, what the opposition leader said in this regard. this is not about a general avers

is this a unicredit specific dynamic? >> i think it is something more broad in the italian banking sector. it is something the government wants to see happen. partly the reason for why they sold their stake in monte paschi a few weeks ago. the sector is fragmented so there are eight publicly traded banks in italy. in spain there are only four big lenders. a fragmented market and an opportunity to consolidate and save a bit of money on costs. there will be a lot of focus today on monte paschi. bpm -- if unicredit is buying bpm where does that leave paschi? everyone that has shares in any italian bank today, they will be reevaluating what is going on. >> the ripple effect of the monte paschi story is fascinating. thank you for walking us through that. coming up, we go back to geopolitics -- president biden rushes to bolster ukraine before donald trump's returned to the white house. we will get the latest on tt ne. this is bloomberg. ♪ >> welcome back to bloomberg "daybreak: europe." iran will hold talks about its nuclear pr

unicredit is down almost 4% at this stage.s because i have been told there are some concerns about what the bank is going to do in terms of share buy backs going forward. however, banco bpm trading higher out of announcement. i want to tell you about commerzbank. shares at this point are trading lower by more than 5%. indeed, with analysts questioning here what is the strategy for the ceo of unicredit. some people suggesting, frank, that what we're seeing here, this further consolidation for european banking in italy is actually just unicredit waiting for the regulators to approve further moves in the german market. indeed, at this stage we are seeing this bank, unicredit actually trying to expend even more across european continent. >> silvia, thank you very much. silvia amaro live in the newsroom. >>> president-elect announcing key cabinet picks including his long-awaited choice for treasury secretary, scott bessent. he beat out the front-runner for the job who is now in line for possibly other positions. scott bessent is th

with unicredit partnering with other banks.ou concerned? >> we are concerned about unicredit and bbva it is important for the banking sector we need to promote bigger banks. we need to promote growth and cross border growth that we are in a position to create profitability from -- from cross border transactions in europe. of course, we need the banking union and capital markets union to promote cross border growth, but i think it's long overdue. those moves by unicredit and bbva, i believe, are moving in the right direction. this opens possibilities for all the banks and we, of course, at piraeus, are looking at the eurozone that makes sense for us to grow the book on top of the growth that we see in the greek market >> christos, part of the conversation is who is on the hook for what as we talk about cross border consolidation that ger germans do not want to be on the hook for the spending in italy and if the spending worsens. i want to come to that point we have come a long way with the non performing loans in the per represe

we will be watching unicredit shares closely following the italian bank's bid for domestic rival bankohich opens a second takeover front after the commerce frank approach with that transaction facing opposition from the german government. joining us for the details on some fascinating moves in the banking space is jenny. what do we know about this latest bid by unicredit for bpm and what it tells us about the appetite and the size of the deal and the likelihood of a getting across the line? >> that is the hardest one to answer. the italian government has been very pro banking consolidation and have been looking to line up a creditor and have been supportive of things like that so it's interesting to see them squirming and saying we were supportive of that but maybe not so much this kind of m&a and i think that is what the ceo often does, puts a spotlight on some of the regulators and local government officials and puts them in the hot seat. >> they had a kind of framing around what they were looking for. and then he goes maybe this is the kind of tile and what does it mean for his pote

we have been speaking about the possible integration with italy's unicredit.anking mergers part of the agenda for european leaders. that conversation coming up next. this is bloomberg. ♪ tom: commerzbank has raised its full-year outlook and plans another share buyback as it seeks to fend off an unsolicited approach by rival unicredit. the ceo said unicredit's approach so far has been quote interesting. >> whatever comes on our table, we will definitely look at it but at the moment, i do not have anything to judge. there has been no reach out on that. >> i you had any conversation with andrea orcel the last month or so? >> we had a short interaction right after the first purchase. then a longer very professional investor meeting. there will most likely be an investor meeting after q3 to discuss results but nothing more. >> he says he sees value for the business, for the sector for europe from this kind of tied up, do you see value in a tie up? >> when you look on integrations, you have costs and synergies, you can achieve when you achieve domestic integrations,

breaking lines crossing around unicredit and credit agricole. ceos will be meeting in paris according to reports from a newspaper in italy. as unicredit makes that approach to benko bpm and its own market and in commerce in germany. credit agricole also has a stake in banko bpm. so we will watch that story and see if we get more details on the ceos meeting in paris. will retailers cash in on black friday? this is bloomberg. ♪ tom: good morning. this is bloomberg "daybreak: europe." these are the stories that set your agenda. the yen strengthens breaching 150 against the dollar as traders position for a possible rate hike from the boj next month at the same time as they cut from the federal reserve. marine le pen demands more changes to the french budget after a key concession on electricity taxes. and reports suggest iran will hold talks on its nuclear program and uranium enrichment plans today with european nations. checking in on your markets. european stocks snapped two days of losses and today are looking for direction. ftse 100 futures poin

you have swiss re and unicredit being a small part of the insurance industry, but this is growing andthe climate risk in general. >> our contessa brewerthk , an you. >>> coming up on "worldwide exchange," the trump trade comeback and what every investor needs to be watching. we will reveal our mystery chart after the break. stay with us. stanley what if your mobile network stanley wasn't just built to work out here... ...but was designed differently to also give you blazing fast wifi where you are most of the time? reliable 5g, plus wifi speeds up to a gig where you need it most. xfinity mobile. now xfinity internet customers can buy one line of unlimited and get one free for a year. >>> they're spending a tremendous amount of money. i've been asking tim cook, if they would, we want to see apple build here. that way you have no tariffs. >> that was then president trump back in 2019 during the first administration talking apple and tim cook and talking tariffs. i'm frank holland. those two men will talk again this january. we will look at the relationship between mr. trump and one of t

unicredit off 4%. >> apple ceo tim cook is visiting china.the suppliers conference. expected today. apple makes the majority of its iphones through foxcomm. any trade disruptions would be a source of concern for the company. this is at least the third visit to china for tim cook this year. pretty interesting piece. on the cover of the wall street journal about how carefully tim cook has developed and cultivated a personal relationship with the president- elect. coming up, mike allen from axios will join us to talk about the aforementioned president-elect trump's treasury pick. and the other weekend news from the transition team. get the best squawk box in our daily podcast. follow and listen any time. we'll be right back. with dexcom g7, managing your diabetes just got easier. so, what's your glucose number right now? good thing you don't need to fingerstick. how's all that food affect your glucose? oh, the answers on your phone. what if you're heading low at night? [phone beeps] wow, it can alert you?! and you can even track your goals. mana

what we are starting to see, whether it is unicredit and what i think is a very thoughtful approach tol cross-border merger? annmarie: will the germans allow it? bob: i think they will. i think this is a different germany and we have seen since the introduction of the single currency. they are not making all of the decisions for europe around banks. i have a feeling this will go through and be positive. manus: let's bring forward. i can hear sergio monte howling at the tv saying the landscape is getting even more unfair for europeans relative to wall street. let's cast our view forward. in terms of m&a, i hear from the regional bank. what about a global m&a bank deal? is that something that is not fit for the landscape? whether that is europe to the u.s. or the u.s. into europe? bob: i think for bank ceos one of the lessons learned in 2008 is retail banking is a local regional business and investment banking and asset management and wealth management are global businesses. absolutely you will see continued growth of the international footprint of the u.s. and european banks in investme