The drivers of recent banking transactions are many of those that have shaped the European banking industry for the past 15 years: sluggish revenue outlook as the sugar rush of higher interest rates fades and rising costs as the promise of IT-driven efficiency is continually offset by higher investment spend,

At 61 billion euros ($68 billion), UniCredit's market value is roughly three times Commerzbank's 19 billion euros. Shares in Germany's second-biggest publicly-listed bank have gained 30% since UniCredit unveiled its initial holding on Sept. 10, as markets bet on a full takeover.

A meeting between Commerzbank and UniCredit bankers 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 banks as the Italian lender presses for a possible tie-up and Commerzbank hones its defence.