Executives at UniCredit and Commerzbank had scheduled talks over a potential merger earlier this year, but put any potential tie-up on hold as war broke out in Ukraine, according to reports.

Citing a trio of individuals close to discussions, the Financial Timesreports that a deal could have been on the cards, with informal discussions in the works between UniCredit boss Andrea Orcel and Commerzbank’s chief Manfred Knof in early 2022.