UniCredit CEO Andrea Orcel is scheduled to meet with European Commissioner for Financial Services Maria Luisa Albuquerque this afternoon.

A European Commission spokesperson confirmed the meeting but declined to provide specific details regarding the agenda.

The meeting takes place as the EU ramps up pressure on member states perceived to be hindering banking consolidation within the bloc.

Last week, UniCredit launched a bid to increase its stake in Commerzbank, despite staunch opposition from the German government.

(Translated by Agnese Napoletti, editing by Gianluca Semeraro)