UnicRedit gets a nod to Commerzbank’s ECB, the decision says in 2026

Valentina and Tom Sims

MILAN (Reuters) – The European Central Bank has given green light units to buy up to 29.9% of Commerce Bank, adding that it is likely that the Italian Bank will wait until next year before deciding whether to pursue a full acquisition.

In a German push-up against a potential takeover, UnicRedit CEO Andrea Orcel has been treated as a veteran, thrusts the bank into Italian integration, quickly moving its bank, putting ambitions for a pan-European partnership on ice.

“Adversarial takeovers in the banking sector are not appropriate, especially when it comes to banks that are systematically important,” the German Treasury ministry said Friday.

The ECB’s approval was anticipated in light of UnicRedit’s financial strength and support for industry supervisor integration efforts, but marks an important step towards what could become Europe’s largest cross-border banking transaction since the global financial crisis.

“The ECB has removed the strong debate that Germany could have used to oppose potential takeovers,” says Ignazio Angeloni, now a former ECB supervisor at the Institute for European Policymaking at Bocconi University.

Commerzbank’s UnicRedit plan quickly sparked a resurgence of Germany’s rage, and in 2009 the Frankfurt-based lender vowed to remain independent.

“We are confident in our strategy,” Commerzbank said Friday that the ECB decision did not change Unicredit’s position as mere shareholders.

Orcel has repeatedly stated that it will only consider purchasing a second German bank if all stakeholders are supportive.

“UnicRedit is waiting for the opportunity to launch a constructive dialogue with the new German government,” the statement said.

According to UnicRedit, there are still many factors that determine future steps and timing.

“Our original timeline to decide whether to proceed with a potential combination is likely to expand well beyond the end of 2025,” he added.

UnicRedit’s ambitions for Commerzbank date back to 2001, even before it acquired Munich-based HVB in 2005.

After a failed attempt by his predecessor to grow Unicredit’s German footprint, Orsel outperformed his rivals in government sales of Commerzbank stocks, doubling the stock he already bought in the market. He then continued to accumulate rights to own 28% of the bank through derivatives.

Before UnicRedit can convert derivatives into stocks, clearance from German competition authorities is required.