UniCredit SpA Chief Executive Officer Andrea Orcel, who’s pursuing a potential takeover of German rival Commerzbank AG, said Europe’s banks aren’t large enough to cover the bloc’s funding needs.

Commerzbank's Chief Executive Officer said on Tuesday that the Italian bank UniCredit "might want more" of Commerzbank and that "this wasn't something we chose". She made the comments in a video statement to staff during her first day on the job as the bank's new CEO.

Italy’s UniCredit won’t seek a seat on Commerzbank’s supervisory board despite a recent move to become the German bank’s biggest shareholder, UniCredit’s chief executive said Wednesday.