A meeting between bankers from Germany's Commerzbank and Italy's UniCredit on Friday will be held virtually in the morning, a person with direct knowledge of the matter told Reuters. The meeting is a first round of talks between the two as the Italian lender presses for a possible tie-up and Commerzbank hones its defence.

Commerzbank will “exchange views” with UniCredit in a first meeting on Friday, incoming chief executive Bettina Orlopp told investors, as the German lender attempted to woo them with promises to lift profits and payouts to shareholders more than previously expected.

The German lender said it planned to improve its profitability and boost shareholder returns as it grapples with a possible takeover attempt by Italy’s UniCredit.