The CEO of Commerzbank AG, Bettina Orlopp, stressed the importance of establishing a banking union in Europe before any cross-border mergers can occur.

Orlopp made these comments at an event organized by the Institute of International Finance, stating that a single market for banking services is necessary for facilitating consolidation among institutions.

She emphasized that without a finalized banking union, the conditions for cross-border deals are inadequate.

Orlopp's remarks highlight the ongoing challenges faced by the European banking sector as it aims to improve integration and competitiveness.