Banco BPM is proposing to pay more to buy fund manager Anima Holding , which it needs to control to reach its new profit and payout targets as it tries to fend off a takeover by bigger rival UniCredit .

The lender lifted its offer for asset manager Anima as it outlined higher midterm targets and seeks to defend itself from an unsolicited UniCredit takeover approach.

Commerzbank plans to axe 3,900 mostly local jobs to help it deliver more ambitious profit targets as part of its strategy to fend off UniCredit's advances for a tie-up between the German and Italian lenders,

The lender plans to lay off around 9% of its workforce in a bid to boost returns and convince investors of its standalone prospects.