ECB approves UniCredit's acquisition of control over Commerzbank

The Italian banking group UniCredit has received approval from the European Central Bank (ECB) to take control of the German bank Commerzbank, following a hostile takeover bid-concluded in July-that increased its stake in the German lender to 48%, Reuters reports, citing Agerpres.

UniCredit required ECB approval to acquire additional shares in Commerzbank-as part of a bid valued at 45 billion euros-and to proceed with its plans for what would be the largest cross-border banking transaction in Europe since the global financial crisis.

The Italian banking group stated that the ECB has authorized it to exceed the 30% threshold of Commerzbank's shares and "to further increase its stake, without an upper limit." UniCredit added that it expects to gain control of Commerzbank by the end of the year-holding approximately 50% of the voting rights-once the "remaining regulatory procedures" related to its takeover bid are completed.

UniCredit, which has operated in Germany since 2005 through the Bavarian bank HVB, began investing in Commerzbank more than two years ago. UniCredit CEO Andrea Orcel initiated this takeover bid-a move that had also been considered by several of his predecessors. Despite firm opposition from Commerzbank and criticism from the German government, UniCredit has managed to secure enough shares to influence the decision-making of the German bank's shareholders, while remaining below the 50% threshold-a level that would have compelled the Italian bank to also acquire the stakes held by minority investors in mBank, Commerzbank's Polish subsidiary.

Andrea Orcel has held discussions with representatives of the German government, who want Commerzbank to keep its headquarters in Frankfurt, protect jobs, and continue providing credit to German companies.

Once he acquires additional shares in Commerzbank, Orcel has threatened to call for a shareholder vote to appoint a new supervisory board and new management, without waiting for next year's annual general meeting.

• UniCredit - euro6.3 billion net profit in the first half

In the second quarter of 2026, UniCredit recorded a net profit of euro2.9 billion, while the net result for the first half reached euro6.3 billion-an increase of 3% compared to the same period the previous year, or 24% in adjusted terms, according to a statement from the bank. "Net profit for the second quarter of 2026 amounted to euro2.9 billion-or euro3.1 billion excluding the impact of an exceptional trading item related to Commerzbank-while net profit for the first half of 2026 reached euro6.3 billion, an increase of 3% compared to the same period of the previous year (or 24% in adjusted terms)," the statement reads.

Second-quarter revenues reached euro6.5 billion, up 7% year-on-year-or 11% excluding the exceptional trading item-while core revenues grew by 6% year-on-year, confirming "the Group's strong commercial momentum and the effectiveness of its strategy and investments."

Revenues for the first half of 2026 increased by 5% compared to the same period in 2025, or by 8% excluding the exceptional trading item.

"The net profit target for the full year 2026 has been revised upward to a level significantly above euro11.3 billion-or approximately euro11.5 billion excluding integration costs-which translates into an improved outlook for the 2027-2030 period," according to the statement. Furthermore, the net profit target for 2028 has been significantly raised to over euro13 billion, while the objective for 2030 has been increased to over euro15 billion-both estimates being set prior to the full consolidation of Commerzbank.