The European Central Bank (ECB) has approved an increase in the stake of the Italian financial group UniCredit in Commerzbank to 29.9%, according to a statement published on the banking group's website.
“UniCredit has received approval from the ECB for a direct acquisition of a stake in Commerzbank of up to 29.9%. Although the resolution emphasizes UniCredit's financial strength and compliance with regulatory requirements, there are still many factors that will determine the next steps for increasing the stake and the corresponding timetable“, the text says. UniCredit said the group still needs to obtain several approvals, including from German government agencies, before taking steps to expand its ownership stake in Commerzbank, including converting its 18.5% stake in derivatives into physical shares.
"In addition, UniCredit looks forward to the opportunity to engage in a constructive dialogue with the new German government once it is formed," the financial group said in a statement. UniCredit estimates that its investment in Commerzbank has led to "some positive changes" in the bank's operations, including an increase in the value of its securities. At the same time, UniCredit has not yet made a final decision on the merger with Commerzbank. It is therefore unlikely that the Italian group's stake in the German bank will be expanded this year.
In February, the Bild newspaper reported that Commerzbank CEO Bettina Orlop is trying to prevent the bank from being taken over by an Italian group. To this end, the board of directors has set itself the goal of increasing profits to more than EUR 3 billion by 2027 and increasing profitability in order to make Commerzbank so attractive to shareholders that they will not want to sell their shares to UniCredit.
In mid-December 2024, the UniCredit group announced that it had increased its stake in Commerzbank to almost 28%. Previously, in September, the Italian company acquired 4.49% of the shares directly from the German government, and then gained access to 11.5% through financial instruments. The German government took a stake in Commerzbank as a result of the 2008-2009 financial crisis, when it provided more than EUR 18 billion to stabilize the business. After the deal with UniCredit, the state's stake in the bank fell from 16.49% to 12%, and the German Financial Services Agency announced that the government no longer plans to sell state shares.