ECB gives green light: UniCredit may take control of Commerzbank
The Italian bank may cross the 30 percent threshold and keep buying shares with no upper limit. Berlin insists the bank stays listed and headquartered in Frankfurt.
Symbolic image · Photo: Norbert Nagel / Wikimedia Commons, CC BY-SA 3.0 (cropped and resized)
The European Central Bank (ECB) has allowed Italian lender UniCredit to take control of Germany's Commerzbank. According to a UniCredit statement on Thursday, it may cross the 30 percent threshold in Commerzbank and keep buying shares with no upper limit. The decision confirms "the European Central Bank's positive assessment of the transaction", UniCredit said. The ECB's reasoning is not public; the ECB and Commerzbank did not initially comment.
According to a Euronews report, UniCredit held 47.59 percent of Commerzbank's shares in August, equal to 49.65 percent of voting rights excluding the bank's own shares. The Italians expect to reach around 50 percent of voting rights towards the end of 2026, meaning control would take effect from 2027. The ECB was reportedly not opposed to the deal in principle, but warned that integration could be complex and lengthy.
The German state still holds around 12 percent of Commerzbank. Finance Minister Lars Klingbeil (SPD) met UniCredit's CEO in September and pressed for guarantees. It is "of paramount importance to the federal government" that Commerzbank keeps financing the German economy, he said, according to Euronews. Berlin expects the bank to remain a listed company headquartered in Frankfurt.