UniCredit has increased its stake in Commerzbank by 7%, bringing its total share to 28% as it approaches a full takeover. The Italian bank confirmed its intention to raise its holding to 29.9%, aligning with its strategic acquisition plan.
UniCredit disclosed it has formally submitted regulatory filings to the European Central Bank (ECB) to lift its direct stake beyond 10%. The ECB has 60 days to decide on the approval, with the option of a 30-day extension.
ECB Signals Support for Cross-Border Banking Mergers
The ECB has previously expressed support for UniCredit’s potential takeover of Commerzbank, viewing it as beneficial for European banking competitiveness. ECB President Christine Lagarde emphasized the importance of cross-border mergers to create larger, more agile institutions capable of competing with US and Chinese banks.
Lagarde stated that such mergers align with the single market’s unity strategy, aiming to enhance Europe’s global financial presence. The ECB’s backing reflects its broader vision of a stronger and more integrated banking system.
UniCredit’s Acquisition Strategy Takes Shape
UniCredit began building its stake in Commerzbank in September, fueling speculation about a possible takeover. The Italian bank now holds a 9.5% direct stake in Commerzbank and an additional 18.5% through derivatives.
With regulatory approval pending, UniCredit’s latest move signals its commitment to advancing its position in the European banking market. If successful, the acquisition would mark a significant step toward cross-border consolidation in the banking sector.