FILE: Commerzbank says ECB's authorisation on UniCredit stake does not change fundamental situation

Record ID: 1983552

  • Title: FILE: Commerzbank says ECB's authorisation on UniCredit stake does not change fundamental situation
  • Date: 14th March 2025
  • Summary: FRANKFURT, GERMANY (FILE - FEBRUARY 13, 2025) (REUTERS) VARIOUS EXTERIORS OF COMMERZBANK HEADQUARTERS VARIOUS OF COMMERZBANK LOGOS OUTSIDE BUILDING MAN WALKING PAST COMMERZBANK BRANCH TAXIS IN STREET / COMMERZBANK TOWER COMMERZBANK LOGO OUTSIDE BUILDING VARIOUS OF COMMERZBANK CEO BETTINA ORLOPP FOR PHOTOGRAPHERS VARIOUS OF ORLOPP SPEAKING AT NEWS CONFERENCE REPORTERS SEATE
  • Embargoed:
  • Keywords: Bettina Orlopp CEO Commerzbank ECB Frankfurt exchange UniCredit share stocks trading floor
  • Location: FRANKFURT, GERMANY / MILAN, ITALY
  • City: FRANKFURT, GERMANY / MILAN, ITALY
  • Country: Germany
  • Topics: Company News Markets,Europe,Economic Events
  • Reuters ID: LVA001877014032025RP1
  • Aspect Ratio: 16:9
  • Story Text:The European Central Bank has given UniCredit approval to buy up to 29.9% of Commerzbank, the Italian bank said on Friday (March 14), adding it would likely wait until next year before deciding whether to pursue an acquisition.
    ECB approval was expected given UniCredit's strong balance sheet and the banking supervisor's supportive stance on consolidation efforts, but it still marks a key step towards what could potentially become Europe's biggest cross-border deal in the industry since the global financial crisis.
    UniCredit's plans for Commerzbank have sparked an angry backlash in Germany, with the Frankfurt-based lender vowing to pursue independent growth.
    "UniCredit is awaiting the opportunity to initiate a constructive dialogue with the new German government once formed," the bank said in a statement.
    UniCredit CEO Andrea Orcel has repeatedly said he would consider a full takeover only if all stakeholders are supportive.
    UniCredit's ambitions over Commerzbank date back to 2001, even before its 2005 acquisition of Munich-based HVB.
    After failed attempts by his predecessors to grow UniCredit's German footprint, Orcel in September stunned Berlin by snapping up shares in Commerzbank, before accumulating the right to own 28% of the bank through derivatives.
    (Production: Andreas Buerger, Tobias Schlie, Michele Sani)
  • Copyright Holder: FILE REUTERS (CAN SELL)
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