UniCredit CEO Andrea Orcel said the bank will not try any more mergers and acquisitions (M&A) in Italy after its recent bid to take over rival lender Banco BPM fell through following the government's use of golden powers to set conditions.
    "Italy accounts for 50% of our revenue, 45% of our net profit," Orcel told the Bank of America CEO conference.
    "Now we need to accelerate without a mergers-and-acquisition transaction.
    "We tried something that did not work out for external reasons, but now we have all learned the lesson that it had nothing to do with the transaction itself, but it was because of government interference" .

He also spoke about the possible tie-up with Commerzbank after UniCredit built up a stake of 26% in the German bank.
    Commerzbank's board and the German government oppose a takeover by UniCredit.
    "We respect the German government very much," Orcel said.
    "It is a critical, key interlocutor.
    "We hope that in time they will see the light".

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