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Italy is concerned UniCredit could offer to ‌move its head office to Germany to ease Berlin's opposition to a takeover of Commerzbank , three sources familiar with the matter said, despite the Italian bank ruling that out.

UniCredit ​said on ‌Friday it had ​no ​plans to liquidate ⁠its ​Russian business ​or return the banking ​licence ​held by its ‌local ⁠subsidiary, which the Italian ​lender ​has ⁠held onto ​during ​the ⁠Ukraine conflict.

Italian bank UniCredit has abandoned plans to sell its Russian unit and is ​considering liquidating the business and relinquishing its ‌banking license in Russia instead, the Kommersant daily reported on Friday, citing unnamed sources.

Italian bank UniCredit said the uncertainty arising from an integration with Commerzbank could cause employees "with fundamental institutional knowledge" ​to leave, potentially leading to client loss for ‌both lenders.

Commerzbank said on Tuesday UniCredit had ​not offered its shareholders "sufficient value upside potential", the latest ‌salvo in the German bank's efforts to fend off the Italian suitor's deal overtures.