Italian minister backs UniCredit-Commerz deal as step towards EU banking integration

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ROME (Reuters) - A tie-up between Italy's UniCredit and Germany's Commerzbank would be in line with the need for a more integrated banking system in Europe, Italy's industry minister said on Friday.

A deal "goes in the desired direction, also at European level, of building a more integrated banking system in Europe" Adolfo Urso said at a press conference after a cabinet meeting.

UniCredit this month said it had bought a 9% stake in Commerzbank and later raised its holding to about 21%, conditional on European Central Bank approval, using derivative instruments.

It wants to buy more shares and has pressed for discussions to explore a tie-up, in the most ambitious attempt yet at a pan-European bank merger.

(Reporting by Giuseppe Fonte, writing by Gianluca Semeraro, editing by Alvise Armellini)